Tata Consumer acquires 23% additional stake in South Africa-based Joekels

FMCG firm Tata Consumer Products Ltd (TCPL) on Thursday said it has acquired 23.3 per cent additional shares of South Africa-based Joekels Tea Packers for Rs 43.65 crore through a step-down subsidiary.

According to a regulatory statement, the company's step-down wholly-owned subsidiary, Tata Consumer Products Overseas Holdings Ltd (TCP Overseas), "has agreed to purchase 23.3 percent of the share capital of Joekels Tea Packers, Republic of South Africa from its Joint-Venture partners."

This is in accordance with the conditions of the shareholders' agreement and the share purchase agreement, which TCP Overseas, Joekels, and the JV Partners finalised and executed.

The FMCG division of the Tata Group stated that the price to acquire the stake was for a consideration value of Rs. 43.65 crore plus the adjustment amount.

The "holding of TCP Overseas in Joekels will expand from 51.7 to 75 percent" as a result of the acquisition of the equity share capital.

The joint venture partners own the final 25% of the company, according to the regulatory filing.