Canindia News

TGBL to acquire Dhunseri’s branded tea business

Kolkata, April 23 (IANS) Tata Global Beverages Ltd (TGBL) on Tuesday said it has entered into a non-binding term sheet to acquire the branded tea business of Dhunseri Tea & Industries Limited, for an aggregate consideration of up to Rs 101 crore.

The proposed acquisition shall be subject to due-diligence, signing of definitive binding agreements and applicable shareholder, statutory/ regulatory and other third-party approvals, as may be applicable, the company said in a regulatory filing.

This move is in line with TGBL’s ambition to grow its branded tea business in India, it added.

Dhunseri’s branded tea business currently has “Lalghoda” and “Kalaghoda” brands, which are among the leading local brands in Rajasthan, a market dominated by local players.

–IANS

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