Tata Global Beverages News
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Tata Global Beverages Ltd (TGBL) will buy the business of selling edible salt, spices, and lentils and give shares in return to Tata Chemicals Ltd (TCL).
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In a regulatory filing, Tata Chemicals said it has sold 4,31,75,140 equity shares of face value of Re 1 each of Tata Global Beverages Ltd (TGBL) to Tata Sons Ltd at price of Rs 213.35 per share.
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Tata Sons, the promoter of major Tata group companies, will hike its shareholding in Tata Global Beverages and Tata Chemicals by up to 6.84 percent and 4.39 percent respectively for a total estimated value of Rs 1,458 crore.
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The combined market valuation of the Kumar Mangalam Birla-led listed companies stood at Rs 3,42,354.87 crore (USD 53.5 billion) at the end of Friday's trade.
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On manufacturing process of paper from elephant poop, she said the dung is collected, recycled and disinfected by workers. The non-fibre content is removed later.
Close on the heels of Cyrus Mistry quitting six Tata group firms, independent director Darius Pandole, who supported of the ousted chairman, has resigned from the board of Tata Global Beverages (TGBL).
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With this, Tata Global Beverages becomes the first company board to remove Cyrus Mistry as the chairman after he was ousted from the post of Tata Sons.
The company had reported a profit of Rs 97.23 crore for the same quarter of the previous fiscal.
Tata Coffee Monday reported about 16 percent decline in consolidated net profit at Rs 25.4 crore for the first quarter ended June 30, due to higher expenses.
The consolidated net income, however, during the period under review remained almost flat at Rs.1,922.65 crore compared with Rs.1,909.93 crore during the 2013-14 fiscal, the company said in a statement on Thursday.
The primary reason for the above growth in profits was superior performance in the Coffee Plantation business and in Value added products.
Tata Global Beverages on Friday reported 29.53 per cent decline in consolidated net profit at Rs 84.24 crore for the quarter ended December 31, 2014, impacted by slow sales growth, tax credit taken for restructuring and currency fluctuations.
Tata Global Beverages Monday announced top level changes with Sushant Dash taking charge as Regional President, India, in place of Sanjiv Sarin, who is moving as CEO designate to Tata Coffee.
The company's sustainable sourcing strategy has a major focus on sustainable agricultural practices.
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