India Tata group to take full control of beverage joint venture with PepsiCo
NEW DELHI, NNA – Tata Consumer Products Ltd., an Indian food and beverage maker under local conglomerate Tata group, will take full control of a 50:50 drink joint venture with PepsiCo India Holdings Pvt. Ltd.
The Indian firm said in a statement on Monday it will buy the entire stake held by the Indian arm of the U.S. food and beverage giant in NourishCo Beverages Ltd. and obtain rights over the “Gluco Plus/Gluco+” brand for a total of 290 million rupees ($3.8 million).
The transaction is scheduled to be completed by the end of June, the statement said.
The move is part of efforts to widen its portfolio in the food and beverages space and further expand in the ready-to-drink beverage segment, the Tata arm said.
NourishCo Beverages, established in 2010, has focused on building brands in the healthy hydration drink field and has Himalayan mineral water, Tata Gluco Plus and Tata Water Plus in its portfolio, according to the statement.
“The liquid beverages category has exciting growth potential and this move will help us strengthen and widen our presence in it,” Sunil D’Souza, who took over as managing director and CEO at Tata Consumer Products last December, said in the statement.
NourishCo Beverages posted 1.81 billion rupees in sales in the financial year through March 31, 2020, according to the statement.
Tata Consumer Products, formerly known as Tata Global Beverages Ltd., has a consolidated revenue of 100 billion rupees and employs more than 2,200 workers, according to the company.