Comments
Tata Global Beverages (TGBL) on Thursday said it will sell its business in Russia for an undisclosed amount to a local firm as part of restructuring operations in the country.
TGBL has entered into an agreement to transfer ownership and operational responsibility of its Russian business unit to Skodnya Grand, the company said The agreement also includes grant of a five-year renewable licence agreement for its Russian brands to Tea Trade LLC, after completion of the transaction, it added. The deal is expected to be complete in three-four months and will be subject to regulatory approvals, TGBL said in a regulatory filing.
As part of the agreement, TGBL said it will “transfer ownership and operational responsibility of the Russian business unit” and grant a five year license agreement for all its Russian brands to Tea Trade LLC after completion of the transaction.
The new owner will takeover all the existing assets and operating liabilities, including employees, and supplier contracts, besides, continuing “to manufacture and sell our exisiting brands and products”, TGBL added.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.