Tata group to acquire 30% stake in Glaceau at $ 677 mln
New Delhi, Aug 23 (UNI) The Tata Group today said it will acquire 30 per cent stake in vitamin water maker, Glaceau at Rs 677 million dollar to purchase the stake previously held by TSG Consumer Partners and provide additional growth capital.
The investment will be made jointly be Tata Sons and Tata Tea.
This transaction ensures that Glaceau continues to meet the explosive demand for its vitamin water brand fueled by America's health and wellness revolution.
''Glaceau is part of a very exciting, strong business and provides Tata Tea an opportunity to be present in the unfolding crossover space in the beverages market. We believe that the whole Glaceau product line of vitaminwater, smartwater and fruitwater will help us expand our beverage business in North America,'' Tata Sons Director and Vice Chairman of Tata Tea R K Krishna Kumar said.
The Tata Group is expanding its North American beverage business, including Tetley Tea, Good Earth Teas and Eight O'Clock Coffee, a key part of its global strategy.
The Chairman of the company will be initially nominated by the Tata Group.
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