TGBL divests stake in JV for Rs 120 crore

Kolkata Dec 28 (IANS) Tata Global Beverages Ltd (TGBL) on Thursday said it has divested its stake in joint venture firm Estate Management Services Private Ltd (EMSPL) for a consideration of Rs 120 crore.

The company said it had sold stake as part of its "overall strategy to focus on branded business in key geographies".

"...the company vide a share sale and purchase agreement amongst Sunshine Holdings PLC Estate Management Services Private Ltd (EMSPL) and the company dated December 28 2017 divested its holdings of 1 20 78 406 shares in its joint venture EMPSL constituting 31.85 per cent of the issued capital of EMSPL for a consideration of about Rs 120 crore " a regulatory filing said.

"Consequently EMSPL has ceased to become an associate of the company effective December 28 2017 " it added.

--IANS
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