Latest News | TCPL Acquires 23 Pc Additional Stake in South Africa-based Joekels

New Delhi, Dec 29 (PTI) 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.

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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.

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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 share capital.

The remaining 25 per cent stake is held by the joint venture partners, the regulatory filing added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)