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No Intentions To Sell Bisleri After Tata Calls Off Negotiations: Ramesh Chauhan
Ramesh Chauhan said that he has no intentions to sell his packaged water company, Bisleri International and that he is not in talks with any parties about doing so after Tata Consumer Products called off negotiations
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Three days after Tata Consumer Products (TCPL) called off their negotiations, veteran industrialist Ramesh Chauhan said on Monday that he has no plans to sell his packaged water company Bisleri International and is not in talks with any parties about it.
For nearly four months, Chauhan had been in talks with the Tata group's FMCG arm, TCPL, but the transaction fell through.
When asked if he has any intentions to sell Bisleri right now, Chauhan told, “We have no plans.”
When asked about a media report that his daughter Jayanti Chauhan is poised to lead the firm, the 82-year-old pioneer of the Indian packaged water industry declined to comment.
Earlier this year, Chauhan stated that he was in talks with several parties, including TCPL, to sell his Bisleri company.
When questioned about the reasons for Bisleri's company sale, the octogenarian business leader stated that someone had to handle it and look into it.
According to Chauhan, his daughter Jayanti is uninterested in running the company.
Bisleri International Spokesperson later stated in a media statement, “We are currently in discussion and cannot disclose further.”
However, TCPL stated in a regulatory update last week that it has not entered into any agreements regarding the purchase of Bisleri, putting the speculation about a potential acquisition to rest.
“In this regard, the company wishes to update that it has now terminated negotiations with Bisleri regarding a potential transaction and to confirm that the company has not entered into any definitive agreement or binding commitment on this matter,” TCPL said.
Bisleri International is a packaged water company that produces Bisleri and Vedica spring water. It's also in fizzy beverages like Spyci, Limonata, Fonzo and PinaColada.
Chauhans sold their soft drinks company to The Coca-Cola Company in the United States three decades ago. In 1993, he transferred Thums Up, Gold Spot, Citra, Maaza and Limca to the Atlanta-based company.
Tata Chemicals' consumer products business was merged with Tata Global Beverages to create TCPL. It has made some acquisitions and is extending its addressable market reach as it strives to be a formidable player in the FMCG category by expanding its play into current categories and venturing into new ones.
With its Himalayan brand, TCPL is already active in the bottled water segment. Furthermore, it is present in the hydration sector through Tata Copper Plus Water and Tata Gluco.