TATA GLOBAL BEVERAGES COMPLETES SALES OF RUSSIAN SUBSIDIARIES
Tata Global Beverages Limited (TGBL) has accomplished its restructuring process by successfully selling two of its subsidiaries in Russia for 375 million roubles (about Rs41 crore). The company had announced the sale of the two companies in Aug 2017 as part of its restructuring process. The company has now sold its overseas subsidiary Sunty LLC to Coffee Pack and Tea Trade LLC to Skhodnya Grand, with the transactions being completed on 3 Nov 2017. Apart from the transaction amount, the company’s overseas subsidiary will receive license fees as a percentage of sales towards license of brand. Following the sales deal, both Sunty LLC and Tea Trade LLC have ceased to be subsidiaries of TGBL.
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