FMCG firm Tata Consumer Products Ltd (TCPL) said it has acquired 23.3 percent additional shares of South Africa-based Joekels Tea Packers for Rs 43.65 crore through a step-down subsidiary.
Tata Consumer Products Overseas Holdings Ltd (TCP Overseas) -- a step-down wholly-owned subsidiary of the company through Tata Consumer Products UK Group -- "has decided to purchase 23.3 percent of the share capital of Joekels Tea Packers, Republic of South Africa from its Joint-Venture partners," said a regulatory filing.
This is as per the terms of the share purchase agreement and the shareholders' agreement, finalized and executed, amongst TCP Overseas, Joekels and the JV Partners, it added.
Over the cost of the acquisition of the stake, the Tata group FMCG arm said it is for a consideration value of Rs 43.65 crore plus the adjustment amount. As a result of the acquisition, the "holding of TCP Overseas in Joekels will increase from 51.7 percent to 75 percent" of the equity share capital.
The remaining 25 percent stake is held by the joint venture partners, the regulatory filing added.