Tata Motors Global Increases its Stake in Rising Beverages Company
Tata Motors Global Increases its Stake in Rising Beverages Company
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| Tata Motors Global Increases |
The net sale of the India’s largest commercial vehicle manufacturer is 23.4% amounting to Rs 33,392 crore from Rs 27,055 crore year against last year.
Even, Tata Global Beverages Ltd, the world’s second-largest tea company, has increased its share in the Rising Beverages Company LLC, a US-based performance beverage and bottled water manufacturer. The total amount of investment in the US Company is of $21 million.
Percy Siganporia, Managing Director for Tata Global Beverages Ltd. said, “During the first quarter of the current financial year, our international subsidiary has increased investments in Rising Beverages. Our holding in the company currently stands at 43.1%, calculated on a fully diluted basis. The subsidiary also has an option to further increase the stake in the future”.
Percy further announced that they have discontinued their production of cold beverages in Chennai, which they started in 2009 under the name of TION.
The reason of its closure is that the product did not suited the concerned environment and management decided to drop it from the company’s portfolio for the Indian market.
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