Tata Global Beverages to monetise Bangalore land parcel for $32.5M
Tata Global Beverages Ltd, the non-alcoholic beverage company of Tata Group, has entered into an agreement with Tata Realty and Infrastructure Ltd (TRIL) for the development of the company’s property in Bangalore through a Special Purpose Vehicle (SPV).
The firm will monetise the asset by transferring it to the SPV in a deal worth Rs 195 crore ($32.5 million) through a mix of cash, equity and other securities in the SPV and constructed space in the developed property. In a notification to the stock exchanges the public listed firm added that the necessary transaction documents have been executed by the parties.
The Tata group has been betting on the realty and infrastructure space through TRIL, a privately held wholly owned arm of Tata Sons, the group holding firm. Under its real estate division, it has two projects in the mixed use segment—Capitol Heights in Nagpur and TRIL Commercial Centre in Gurgaon. It has two IT SEZ projects besides residential and other realty projects.
Its infrastructure projects include a 110 km road project on the Pune-Solapur Expressway. It is also developing a new airport in Jamshedpur, the hub for the group’s steel business in the country.
According to the firm’s website, real estate projects have been identified as the initial focus area for the company which was set up in 2007. This includes projects of other Tata companies. The website adds that an offshore fund of $1 billion is being setup to finance these initiatives.
TRIL is one of the three construction-related businesses of the business conglomerate. Besides TRIL, the group has a real estate focused arm Tata Housing and an engineering procurement and construction firm Tata Projects Ltd.
Tata Housing, which already has an exposure in the Bangalore market, is developing a 4.5 acre land parcel in the city.
(Edited by Joby Puthuparampil Johnson)
Tata Global Beverages Ltd. (formerly Tata Tea Ltd.) is engaged in processing, producing, marketing and distributing tea, coffee and other non-alcoholic beverages. It is also involved in the cultivation and manufacturing of black tea and instant tea. Its products include tea, coffee, packaged drinking water, aerated drinks and other non-alcoholic beverages. The company operates under brands tetley, tata tea, good earth, eight o’clock coffee, himalayan, grand, vitax, jemca, tata coffee, laager, tata water plus and tata gluco plus. Tata Global Beverages Ltd. was founded in 1964 and is based in Kolkata, West Bengal.
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