Financial Daily from THE HINDU group of publications
Tuesday, Dec 07, 2004
Financial Daily from THE HINDU group of publications Tuesday, Dec 07, 2004 |
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Coffee Corporate - Mergers & Acquisitions Sterling buys remaining 35 pc in Barista from Tatas Our Bureau
Bangalore , Dec. 6 THE Sterling Infotech Group has acquired the remaining 35 per cent stake in Barista Coffee Company Ltd from Tata Coffee Ltd, making it a wholly-owned entity of the group, a company press release said. Financial details of the deal that was concluded in Chennai on Monday were not known. The Sterling Infotech Group in April this year had acquired a 65 per cent stake in coffee retail chain Barista from Turner Morrison. It is said to have paid about Rs 30 crore to Turner Morrison for acquiring the stake. The Sterling Infotech Group has been in the coffee business for the last six years through its brand Fresh & Honest. Mr C. Sivasankaran, Chairman, Sterling Infotech Group, has a 100 per cent stake in all his ventures and believes that this is a matter of faith for the success of any business, the release said. All flagship companies owned by Sterling Group in the telecom and food segments are 100 per cent entities of the group. Tata Coffee, apart from informing the Bombay Stock Exchange about the agreement to sell its stake in Barista, did not make any comments on the deal. Tata Coffee Ltd had acquired 35 per cent of the shareholding in Barista from Turner Morrison in 2001. While buying a stake in Barista earlier this year, the non-resident Indian businessman, Mr Sivasankaran, had announced massive expansion plans for the coffee chain. This included a tenfold increase in Barista stores to over 1,200 outlets over the next four years. The investment needed for the expansion was pegged at Rs 250 crore, with Mr Sivasankaran bringing in Rs 50 crore and the franchisees chipping in with the rest.
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