Tata Consumer, HUL eyeing to buy tea major Girnar

Consumer companies Tata Consumer and Hindustan Unilever among others are looking to buy Girnar Food & Beverages, the Gujarat-based tea major, a valuation of Rs 1,000-1,500 crore. As per reports, Dabur was also interested in the deal, but the company denied about this.

If the acquisition takes place, it will strengthen the buyer’s hold in the western Indian market. HUL and Tata Consumer group is already dominating the Indian tea segment while Dabur has recently entered in the market.

As per Tracxn report, Girnar Foods and Beverages revenue in FY21 was Rs 380.8 crore, compared to Rs 325.2 crore in FY20. The company recorded a profit of Rs 22.8 crore in FY21, compared with Rs 13.52 crore in FY20.

Girnar Foods and Beverages incorporated in 1987. The company is promoted by Shah and Bhansali Family. Both the families have equal shareholding in the company. It has a strong presence in Maharashtra, especially in Mumbai, from where it generates a majority of its domestic sales.