New Delhi: After Tata Consumer Products Ltd (TCPL) withdrew from the acquisition process, Jayanti Chauhan, daughter of Bisleri International chairman Ramesh Chauhan, will lead the bottled water business, according to a March 20 article in The Economic Times.
Ramesh Chauhan, chairman of Bisleri, was reported by ET as saying, "Jayanti will operate the company with our skilled team and we do not wish to sell the business. At the business her father founded and promoted, 42-year-old Jayanti Chauhan is currently vice chair. (Also Read: Tax-Saving Investment Options: Check out These 5 Schemes With High Return)
She will cooperate with the expert management group under the direction of Angelo George, according to those with knowledge of the situation. For an estimated Rs 7,000 crore, the 82-year-old Chauhan sold the company to the Tata Group earlier this year. (Also Read: 'I'm Not Sure When Things Changed And We Started Dating': Byju's CEO On How He Fell In Love With Student Divya)
Apparently owing to "indecision," Tata Consumers cancelled the agreement with India's largest bottled water company, according to a March 18 article by ET.
Negotiations with the Chauhan family apparently started two years ago, but Tata Consumer ended them last week. Jayanti has occasionally worked for the company over the years. Her recent attention has been on the Vedika brand, which is a component of Bisleri's portfolio.
On recent earnings calls, Tata Consumer's managing director, Sunil D'Souza, said that acquisitions continue to be a key component of the company's growth plan. One of the executives listed above told ET that the company will now concentrate on expanding its current array of bottled waters, which included Himalayan, Tata Copper Plus Water, and Tata Gluco.
According to the fast-moving consumer goods (FMCG) division of the Tata Group, the firm "has not engaged into any definitive agreement or binding commitment with Bisleri International," in a filing with the stock exchange on March 17.
The statement continued, "The company wishes to update that it has now terminated discussions with Bisleri regarding a prospective transaction and to confirm that the company has not entered into any final agreement or binding commitment on this topic.
It may be recalled, Ramesh Chauhan informed that there is no one to look after the company. His daughter (Jayanti Chauhan) has no interest in the Bisleri business. The current management will continue for two years before handing over the rein to the company.
Chauhan told the media that he won’t keep a minority stake in the business. He will use the money for water harvesting, plastic recycling and charity.
