Tata Consumer acquires 23% additional stake in South Africa-based Joekels
FMCG firm Tata Consumer Products Ltd (TCPL) on Thursday said it has acquired 23.3 per cent additional shares of South Africa-based Joekels Tea Packers for Rs 43.65 crore through a step-down subsidiary.
Tata Consumer Products Overseas Holdings Ltd (TCP Overseas) -- a step-down wholly-owned subsidiary of the company through Tata Consumer Products UK Group -- "has decided to purchase 23.3 per cent of the share capital of Joekels Tea Packers, Republic of South Africa from its Joint-Venture partners," said a regulatory filing.
This is as per the terms of the share purchase agreement and the shareholders' agreement, finalised and executed, amongst TCP Overseas, Joekels and the JV Partners, it added.
Over the cost of the acquisition of the stake, the Tata group FMCG arm said it is for a consideration value of Rs 43.65 crore plus the adjustment amount.
As a result of the acquisition, the "holding of TCP Overseas in Joekels will increase from 51.7 per cent to 75 per cent" of the equity shar