Tata Chemicals will transfer its edible salt, spices and other food businesses to Tata Global Beverages, which will be renamed Tata Consumer Products Ltd through a non-cash, share swap deal. The scheme of arrangement, which will seek the NCLT’s approval among others, will see Tata Chemicals shareholders getting 114 shares of Tata Consumer Products for every 100 shares held on the record date. Commenting on the announcement, N. Chandrasekaran, chairman of Tata Sons, said: “Tata Consumer Products consolidates our current presence in food and beverages in the fast-growing consumer sector. After water (Himalaya) and coffee (Eight O’clock) came to its portfolio, through acquisitions in India and abroad, Tata Tea was named Tata Global Beverages in 2010. The TelegraphRoad mapR. Mukundan, managing director & CEO, of Tata Chemicals, said the company would shape its strategies to become a science-led chemistry company.

Source: The Telegraph May 15, 2019 19:07 UTC