Tata Global Beverages to sell Russian business to Skodnya Grand
Shital Jibhe / 04 Aug 2017
Tata Global Beverages (TGBL) announced on Thursday that the company has decided to sell its Russian operations to Skodnya Grand.
Tata Global Beverages (TGBL) announced on Thursday that the company has decided to sell its Russian operations to Skodnya Grand. The new owner will take over all the existing assets and operating liabilities, including employees, customer and supplier contracts, and will continue to manufacture and sell the existing brands and products.
The proposed transaction is subject to completion of condition precedents, including regulatory approvals and is expected to close over 3-4 months. The Russian business generated a sales turnover of Rs 266 crore for the year 2016-17 and a loss after tax of Rs 29 crore for FY17. The stock was trading higher by 0.06% at Rs 167 per share on BSE at 10 hours. It opened at Rs 165 per share.
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