Tata Global Beverages acquires Russian firm SuntyCo

Tata Global Beverages Ltd (TGBL) said it has fully acquired SuntyCo Holding, the owner of the ‘Grand’ business in Russia.

“The company through its overseas subsidiary has now completed the acquisition of the balance 49 percent of the Grand business in Russia by exercising the option it had to acquire this stake at the time of the original acquisition,” TGBL said in a filing to the BSE.

However, the company did not disclose any financial detail of the deal. TGBL through one of its overseas subsidiary along with European Bank of Reconstruction and Development (EBRD) had acquired 51 percent of SuntyCo Holding Ltd, the owner of the ‘Grand’ business in Russia, in 2009.

“Russia continues to be a key market for expanding the company’s tea and coffee businesses,” it added.