Mumbai: Bisleri, which is doing the business of bottled water in the country, will no longer be sold. The news about the deal between Tata Group and Bisleri has come to an end as Tata Consumer Products Limited has refused to buy Bisleri. According to ET’s report, Bisleri International will now be headed by Jayanti Chauhan, who is the daughter of the company’s chairman Ramesh Chauhan.
After the deal was called off, Bisleri chairman Ramesh Chauhan said, “Jayanti will run the company with our professional team and we are not looking to sell the business.” Earlier, talks were going on between Tata Group and Bisleri to buy and sell the business. However, on 17 March, Tata Consumer Products Limited said that it had ended talks with Bisleri regarding a possible acquisition deal.
Negotiations for the deal started last year
Since November last year, the Tata group was in talks to buy the packaged water giant for around Rs 6,000-7,000 crore. But, a Bloomberg report said that the owner of Bisleri was looking to raise around $1 billion from this deal. At the same time, now the command of Bisleri will come into the hands of Ramesh Chauhan’s daughter Jayanti Chauhan. Jayanthi, 42, is currently the vice-chairperson of the company and has been looking after the company’s business for several years.
Why was the deal canceled?
Actually, this deal was done between Tata Group and Bisleri for 7000 crores. But due to some reasons, Tata Consumer Products backed out of the deal. At the same time, some analysts believe that the promoters can also change their decision regarding this deal. Because it will wait for some other great opportunity to sell this legendary brand of bottled water.
On the other hand, Tata Group tried hard to assure Bisleri Chairman Ramesh Chauhan that he would continue the legacy of Bisleri under Tata Group, but still, things could not materialize and finally, Tata Consumer Products announced to withdrawal from the deal.
