Tata Tea To Acquire Majority Stake In Mount Everest Mineral Water For Rs 250 Crore
This just in. CNBC TV18 reports that Tata Tea is buying a majority stake in Mount Everest Mineral Water. Mount Everest promoters are selling 11 per cent stake to Tata Tea, which will make an open offer to the public shareholders at Rs 140-145 a share. Post open offer, Tata Tea’s stake will be about 42 per cent in Mount Everest and the total acquisition cost will be about Rs 250 crore, the report says.
Tata Tea board is meeting on June 1 to approve the acquisition. Delhi-based Mount Everest sells water under the “Himalayan” brand. Tata Tea had recently sold 30 per cent stake in US energy driks maker Galceau for $1.2 billion, making a profit of $523 million.
Mount Everest is founded by Dr Dadi Balsara, and the company is situated over 50 acres in in the Himalayan region. The company has a technical collaboration with Institut Fresenius of Germany.
