Tata Consumer Products Ltd. buys a further 23% of South African company Joekels.
FMCGĀ firmĀ Tata Consumer Products LtdĀ (TCPL) on Thursday said it has acquired 23.3 per cent additional shares of South Africa-basedĀ Joekels Tea PackersĀ for Rs 43.65 crore through a step-down subsidiary.Ā Tata Consumer ProductsĀ Overseas Holdings Ltd (TCP Overseas) — a step-down wholly-owned subsidiary of the company throughĀ TataĀ 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 theĀ acquisitionĀ of the stake, the Tata groupĀ FMCGĀ 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 share capital.
The remaining 25 per cent stake is held by the joint venture partners, the regulatory filing added.