Tata Consumer Products buys additional 23% stake in South Africa-based Joekels for Rs43 crore

30 Dec 2022 , 09:16 AM

Tata Consumer Products Limited has announced to the exchanges that Tata Consumer Products Overseas Holdings Limited, (“TCP Overseas”), a step-down wholly-owned subsidiary of the Company through Tata Consumer Products UK Group Limited (direct WOS), has decided to purchase 23.3% of the share capital of Joekels Tea Packers (Proprietary) Limited, Republic of South Africa (“Joekels”), from its Joint-Venture partners.

As per the transaction agreements the acquisition of the stake by TCP Overseas from the JV partners is for a consideration value of ~ZAR 91 million (~Rs43.65 crore) plus the adjustment amount. The said transaction is subject to the fulfilment of various terms and conditions as specified in Transaction Agreements, the company said.

As a result of the above acquisition, the holding of TCP Overseas in Joekels will increase from 51.7% to 75% of the equity share capital and the remaining 25% is held by the joint venture partners, the company said in a regulatory filing on Thursday.

On Friday early morning trade, Tata Consumer Products was trading at Rs778.80 per share higher by 0.28% on the BSE.

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