Tata Consumer Products Limited (TCPL) has decided to merge its wholly-owned subsidiaries NourishCo Beverages, Tata Smartfoodz and Tata Consumer Soulfull, TCPL said in a regulatory filing.
“The scheme is proposed to the advantage of the transferor companies and the transferee company and will yield beneficial results for the shareholders, creditors, employees, and all concerned,” said TCPL
The board of the group’s FMCG arm approved the Scheme of Amalgamation of the three wholly-owned subsidiaries of the company.
The appointed date for this merger is set for April 1, 2024. TCPL had previously acquired and held all equity shares issued by NourishCo Beverages, Tata SmartFoodz, and Tata Consumer Soulfull.
NourishCo Beverages, whose portfolio includes mineral water brand Himalayan, glucose-based drink Tata Gluco Plus, and Tata Water Plus, had a turnover of Rs 620.37 crore in FY23. Tata Consumer Soulfull, which had a turnover of Rs 64.30 crore in FY23, was also acquired by TCPL in February 2021. Earlier, it was earlier known as Kottaram Agro Foods Private.
Tata Consumer Products’ product lineup includes tea, coffee, water, edible salt, spices, protein foods, ready-to-eat and ready-to-drink beverages, and various other consumer products, all marketed under brands such as Tata Tea, Tetley, Tata Salt, and Tata Sampann, among others.