Tata Consumer Products on Friday said discussion with Bisleri for potential acquisition has ceased.
“The company wishes to update that it has now ceased negotiations with Bisleri with regard to a potential transaction and to confirm that the company has not entered into any definitive agreement or binding commitment on this matter. The announcement is issued voluntarily to prevent any speculation concerning the matter,” said Tata Consumer Products Ltd in a stock exchange filing.
For Tata Group, acquiring Bisleri would have expanded its portfolio of bottled water brands in India. Tata Consumer Products Ltd. owns the Himalayan Natural Mineral Water and Tata Water Plus brands.
Bisleri traces its roots to 1949 when Shri Jayantilal Chauhan founded soft drinks maker Parle Group, which acquired Bisleri from an Italian entrepreneur in 1969.
Bisleri’s owners were looking to raise about $1 billion from the deal, said news reports last year.
“The Company had clarified that it evaluates various strategic opportunities for growth and expansion of its business, on an ongoing basis, and pursuant to this, the Management of the Company remained in discussions with various parties, including Bisleri International Private Limited (“Bisleri”),” said Tata Consumer Products on Friday.