The Tata conglomerate will not be acquiring India’s largest packaged water company Bisleri. The deal estimated at about Rs 6,000-7,000 crore has fallen through. Tata Consumer Products Ltd on Friday announced that the discussions with Bisleri for a potential acquisition have ceased.
The acquisition of Bisleri by TCPL was first reported in November last year when 82-year-old Ramesh J Chauhan had told Economic Times that the Tata Group “will nurture and take care of it even better”. “I like the Tata culture of values and integrity and hence made up my mind despite the aggression shown by other interested buyers,” he had said.
Chauhan doesn’t have a successor as daughter Jayanti isn’t much interested in the business. She is the vice-chairperson at the company.
In a major update on the deal, Tata Consumer shared that it has now ceased negotiations with Bisleri with regard to a potential transaction. The company also confirmed that it has not entered into any definitive agreement or binding commitment on this matter.
Earlier this month, a Bloomberg report stated that Tata Group’s talks for a majority stake in Bisleri International have stalled over valuation. Quoting people in the know of the deal, the report stated that negotiations between the two hit a snag as they were unable to agree on a valuation.
The acquisition of Bisleri would have been an addition to Tata Consumer Products’ portfolio which already own the Himalayan Natural Mineral Water and Tata Water Plus brands.
The packaged water company was originally an Italian brand that entered India in Mumbai in 1965. Four years later, it was acquired by Parle Group, founded by late Jayantilal Chauhan.
Currently, the chief executive of Bisleri International is Angelo George who joined the company nearly four years ago in June 2019. He has over 3 decades of experience with leading companies in FMCG, Consumer Durables & Pharmaceutical industries.
