Tata Consumer Products Limited (TCPL) shares were down after the company announced that it had ended talks over a potential acquisition of packaged water maker Bisleri International.
What Happened? TCPL in a regulatory filing on March 17 stated that it "has not entered into any definitive agreement or binding commitment on this matter" referring to what has now been a pretty long-drawn-out negotiation.
Last November, Ramesh Chauhan, the chairman of Bisleri International, clarified to several media publications that he was discussing with TCPL to sell a majority stake in the company. The figure disclosed at the time for a stake was around ₹6,000-7,000 crore, with a deal expected to be wrapped up in 7-8 months.
A Bloomberg report has pointed out that Bisleri controls a 60% share of India's bottled mineral water market.
Per the mineral water-maker’s website, in 1949, Shri Jayantilal Chauhan founded soft drinks maker Parle Group, which acquired Bisleri from an Italian entrepreneur in 1969.
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For Tata Group, meanwhile, the addition of Bisleri to its portfolio could have expanded its stronghold over bottled water brands in India. Tata Consumer Products Ltd. owns the Himalayan Natural Mineral Water and Tata Water Plus brands.
Price Action: TCPL shares were trading 0.95% lower at ₹699.40 shortly after markets opened for trading on Monday.
Read Next: What Is Bisleri Share Price And How To Buy?
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