Tata Chemicals and TGBL to merge and come under Tata Consumer ProductsChristian Fernsby ▼ |
Asia Tata Chemicals
The Boards of Directors of Tata Global Beverages Limited ("TGBL") and Tata Chemicals Limited ("TCL"), at their respective meetings, have approved the de-merger of the Consumer Products Business of TCL into TGBL through a National Company Law Tribunal ("NCLT") approved scheme of arrangement.
The proposed transaction will create a focused consumer products company with a combined turnover and EBITDA of Rs. 9,099 crore and Rs. 1,154 crore respectively, for the twelve months period ended March 31, 2019 on a proforma basis.
The transaction is subject to the necessary statutory and regulatory approvals including approvals of the respective benches of NCLT, the Stock Exchanges, SEBI and the respective shareholders and lenders/creditors of each of the companies. The transaction is expected to be completed by Q4 FY20 / Q1 FY21. ■
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