Tata calls off plan to acquire Bisleri

“The company wishes to update that it has now ceased negotiations with Bisleri with regard to a potential transaction and to confirm that the company has not entered into any definitive agreement or binding commitment on this matter,” the Tata firm said in an exchange filing.

“The above announcement is issued voluntarily to prevent any speculation concerning the matter,” Tata said.

There were reports that Bisleri was in talks for the sale of Bisleri at around Rs 6,000-7,000 crore.

“The company had earlier clarified that it evaluates various strategic opportunities for growth and expansion of its business, on an ongoing basis. The company remained in discussions with various parties, including Bisleri International Pvt Ltd,” the company said.

Bisleri International chairman Ramesh Chauhan was negotiating with a few companies, including Tata Consumer Products for selling the company that he had bought from an Italian firm, Felice Bisleri, for Rs 4 lakh in 1969. Chauhan had sold the company’s soft drink business — including Thums Up and Gold Spot — to Coca Cola almost 30 years ago.

TCPL is already present in the bottled water segment with its brand Himalayan. Besides, it is also present in the hydration segment with Tata Copper Plus Water and Tata Gluco. This deal would have made TCPL a leader in the fast-growing bottled water segment.

Shares of Tata Consumer Products Ltd on Friday settled at Rs 708 on BSE, up 2.05 per cent from the previous close.