Tata Global Beverages has acquired the balance 49% stake of SuntyCo Holding, the owner of the ‘Grand' business in Russia.
Tata Global Beverages, through one of its overseas subsidiary along with European Bank of Reconstruction and Development (EBRD), had acquired 51% of SuntyCo Holding, the owner of the 'Grand' business in Russia, in March 2009. The company, through its overseas subsidiary, has now completed the acquisition of the balance 49% of the Grand business in Russia by exercising the option it had to acquire this stake at the time of the original acquisition.
Russia continues to be a key market for expanding the company's tea and coffee businesses
Tata Global Beverages is a global beverage business and the world's second largest tea company. The company has a stable of innovative regional and global beverage brands, including: Tata Tea, Tetley, Himalayan natural mineral water, Tata Water Plus and Tata Gluco+, Good Earth tea, Grand Coffee and Eight O'clock coffee. Tata Global Beverages' consolidated net profit fell 51.7% to Rs 77.69 crore on 17.8% growth in net sales to Rs 1714.88 crore in first quarter of current fiscal over the same period previous year