Tata Global Beverages Ltd said on Tuesday it has signed a non-binding term sheet to acquire the branded tea business of Dhunseri Tea & Industries Ltd.
The deal value is up to Rs 101 crore ($14.5 million), the Tata Group company said in a stock-exchange filing.
The branded tea business of Dhunseri Tea is carried out under the brands “Lalghoda” and “Kalaghoda”. The two brands are among the leading local brands in Rajasthan, a market which is dominated by local players, Tata Global said.
The proposed acquisition is subject to due diligence, signing of definitive binding agreements and applicable approvals from shareholders and regulators.
Separately, Tata Group's power arm said it is selling 32 megawatt of operating wind assets located in Satara district of Maharashtra.
Tata Power Co. said its wholly owned unit Tata Power Renewable Energy Ltd has signed a binding agreement for the sale. It didn't identify the buyer.