INDIA: Tata Global Beverages coy on stake sale plan
Tata Global Beverages says no proposals have gone before its board
Tata Global Beverages has declined to comment on reports that it is seeking to sell a 20% stake in its international drinks operations.
Tata Global's vice-chairman, RK Krishna Kumar, was quoted in the Financial Times yesterday (6 June) as saying that the firm has received approaches from a "large number of strategic players".
However, when contacted by just-drinks, a spokesperson for Tata Global declined to comment specifically on the group's reported plan to sell 20% of its international business. "To achieve the ambitious growth plans of Tata Global Beverages, we are always evaluating options for the best way to invest in innovation, the growth of our brands and acquisitions," the spokesperson said.
"No specific proposals have been placed before the board," she added.
Tata Global has been seeking to expand its drinks portfolio away from tea. Last year, it signed a joint-venture deal with PepsiCo.
Last month, Tata Global's CEO, Peter Unsworth, said in an exclusive interview with just-drinks: "We are [worth] US$1.5bn now and we are aiming for $5bn in five years time, and at that point in time tea will probably be half [of our portfolio] as opposed to 85% now."
Later in the month, however, the group announced that Unsworth had resigned for "personal reasons".
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