Negotiation with Ramesh Chauhan to acquire packaged water business Bisleri International has "ceased", Tata group's FMCG arm Tata Consumer Products Ltd (TCPL) said on Friday.
Resting the speculations about a possible acquisition, TCPL in a regulatory update said it has not entered into any agreements over the acquisition of Bisleri.
"In this regard, the company wishes to update that it has now ceased negotiations with Bisleri with regard to a potential transaction and to confirm that the company has not entered into any definitive agreement or binding commitment on this matter," said TCPL.
However, Tata group firm also said as it evaluates various strategic opportunities for growth and expansion of its business on an ongoing basis, and pursuant to this, the management of the company remained in discussions with various parties, including Bisleri International.
Last year, industrialist Ramesh Chauhan said he is scouting for a buyer for his packaged water business Bisleri International and is in talks with several players, including TCPL.
According to media reports, Bisleri International owner Chauhan said that his daughter Jayanti Chauhan will be running the business and will not be selling it anymore.
There were media reports speculating the deal to be around Rs 6,000-7,000 crore. Later in a clarification to this, TCPL had in November 2022 said it evaluates various strategic opportunities for growth and expansion of its business on an ongoing basis, and pursuant to this, the management of the company remained in discussions with various parties, including Bisleri International.
Later in a media statement, Bisleri International also said, "We are currently in discussion and cannot disclose further".
Bisleri International operates in the bottled water segment with its flagship brand Bisleri and spring water Vedica. It is also present in fizzy drinks with brands - Spyci, Limonata, Fonzo and PinaColada.
Three decades ago Chauhans sold their soft drinks business to the US beverage major The Coca-Cola Company. He transferred brands such as Thums Up, Gold Spot, Citra, Maaza and Limca in 1993 to the Atlanta-headquartered firm.
TCPL was formed after merging the consumer products business of Tata Chemicals with Tata Global Beverages. It has done some acquisitions and is expanding its reach in the addressable market as it aspires to be a formidable player in the FMCG category by expanding its play into the existing category and venturing into new areas.
TCPL is already present in the bottled water segment with its brand Himalayan. Besides, it is also present in the hydration segment with Tata Copper Plus Water and Tata Gluco.
This deal would have made TCPL a leader in the fast-growing bottled water segment. Shares of Tata Consumer Products Ltd on Friday settled at Rs 708 on BSE, up 2.05 per cent from the previous close.