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Tata Chemicals' consumer business to merge with TGBL
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SME Times News Bureau | 15 May, 2019
The boards of Tata Global Beverages Ltd (TGBL) and Tata Chemicals Ltd
(TCL), at their respective meetings held on Wednesday, have approved the
de-merger of the consumer products business of the latter into the
former through a National Company Law Tribunal (NCLT) approved scheme of
arrangement.
TGBL would be renamed Tata Consumer Products Ltd to
reflect the new strategic direction of the company, while TCL would
focus on innovative science-based chemistry solutions and products, a
statement said.
Commenting on the announcement, Tata Sons
Chairman N. Chandrasekaran said: "Tata Consumer Products consolidates
our current presence in food and beverages in the fast-growing consumer
sector. Through this combination, we have created a strong growth
platform to meet the growing aspirations of Indian consumers."
Pursuant
to the scheme, each shareholder of TCL will get 1.14 new equity shares
of TGBL for every 1 equity share held in TCL, signifying that a
shareholder holding 100 shares in TCL will receive 114 shares in TGBL.
The
respective company boards have approved the share Entitlement Ratio
based on the recommendations of independent valuers, the statement said.
It
also said that the proposed transaction will create a focused consumer
products company with a combined turnover and earning before interest,
tax, depreciation and amortisation (EBITDA) of Rs 9,099 crore and Rs
1,154 crore, respectively, for the twelve-month period ended March 31,
2019, on a proforma basis.
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