Tata Consumer to acquire Bisleri for about Rs 7,000 crore: Report

Tata Consumer will acquire Ramesh Chauhan's Bisleri International for an estimated Rs 6,000 - Rs 7,000 crore, according to a report by The Economic Times.

Chauhan, who has been in indifferent health in recent times, told the publication that the current management will continue for two years as part of the deal. He added that his daughter Jayanti isn't too keen on the business and he doesn't have a successor to take Bisleri to the next level of expansion.

The owner of India's largest packaged water company believes that the Tata Group "will nurture and take care of it even better". "I like the Tata culture of values and integrity and hence made up my mind despite the aggression shown by other interested buyers," he told the publication.

Chauhan also said that he doesn't see any point in holding minority stakes after selling the business.

Chauhan, who launched Bisleri in 1969 as per the company's website, is known for creating famous homegrown soft-drink brands, including ThumsUp, Gold Spot, Citra, Maaza and Limca. He sold the soft-drinks portfolio to Coca-Cola in 1993.

Tata Consumer, which sells the popular Tata Salt, Himalayan mineral water and runs a joint venture with Starbucks in India, made an offer for Bisleri in September, as per media reports.

Shares of Tata Consumer rose as much as 3.2 per cent in early trade to hit Rs 794.75, their highest since October 6.

Tata Consumer Products on October 20 reported a bigger-than-expected rise in quarterly profit, helped by higher salt prices and pent-up demand for everything from mineral water to Starbucks coffee.

(With inputs from Reuters)