Tata Global Beverages has sold two Russian subsidiaries Sunty and Tea Trade for Rs41 crore, as part of a business restructuring exercise announced in August
Tata Global Beverages Ltd has completed the sale of two of its subsidiaries in Russia—Sunty and Tea Trade—for 375 million roubles (about Rs41 crore).
Tata Global Beverages had announced sale of its business in Russia in August as part of restructuring operations in that country. “We now inform you that the process of restructuring has been completed resulting in the sale of two of the company’s overseas subsidiaries (Sunty LLC and Tea Trade LLC),” Tata Gobal Beverages said in its latest filing.
Sunty LLC was purchased by Coffee Pack while Tea Trade was bought by Skhodnya Grand. The transaction was completed on 3 November 2017.
Tata Global Beverages received “375 million roubles for transfer of equity and assets of Sunty LLC and Teatrade LLC. Additionally, the company’s overseas subsidiary will receive license fees as a percentage of sales towards license of brand,” the Indian company said.
The turnover and net worth of Sunty LLC for the year ended 31 March 2017 was Rs248 crore and Rs73 crore, respectively. Tea Trade had a turnover of Rs18 crore and net worth of Rs1 crore, the filing said. “Both Sunty LLC and Tea Trade LLC have ceased to be subsidiaries of the company,” TGBL said.