Tata Consumers Products (TCPL) announced on Friday that it has halted negotiations with Bisleri for its potential purchase with a 6,000 to 7,000 crore approximate cost.
“The Company wishes to update that it has now ceased negotiations with Bisleri about a potential transaction and to confirm that it has not entered into any definitive agreement or binding commitment on this matter,” the company said in its regulatory filing.
According to the media reports, Bisleri is likely to clock sales of Rs 2,500 crore, earning a net profit of more than Rs 200 crore in FY23.
Tata Group has been discussing finalising the structure of the transaction and is involved in talks to take control of Bisleri and its parties.
Bisleri recently announced a three-year partnership with Delhi Capitals, becoming their Official Hydration Partner. This collaboration is aimed at targeting the youth and strengthening the brand’s position in the hydration market. The association is scheduled to commence from this year’s cricketing season.