Packaged drinking water company Bisleri International chairman Ramesh Chauhan has said that he has no plans to sell the company. The chairman added that he's not in talks with any parties to sell the business. The development has come days after Tata Consumer Products Ltd called off their negotiations with Bisleri.
According to reports, Ramesh Chauhan had been in negotiations with the Tata group's FMCG arm Tata Consumer Products Ltd (TCPL) for nearly four months but the deal did not go through.
"We have no plans" to sell the business, Chauhan told PTI said.
The 82-year-old businessman also declined to comment when asked whether his daughter was ready to lead the company from here.
In November last year when Bisleri was in talks with Tata, Ramesh Chauhan said that someone had to handle the business and look into it as his daughter Jayanti was not interested in leading the business.
Later in a media statement, Bisleri International Spokesperson had also said, "We are currently in discussion and cannot disclose further."
However, last week resting the speculations about a possible acquisition, TCPL, in a regulatory update, said it has not entered into any agreements over the acquisition of Bisleri.
"In this regard, the company wishes to update that it has now ceased negotiations with Bisleri with regard to a potential transaction and to confirm that the company has not entered into any definitive agreement or binding commitment on this matter," TCPL had said.
Bisleri International operates in the bottled water segment with its flagship brand Bisleri and spring water Vedica. It is also present in fizzy drinks with brands - Spyci, Limonata, Fonzo and PinaColada.
It's interesting to know that three decades ago, Chauhans sold their soft drinks business to the US beverage major The Coca-Cola Company. He transferred brands such as Thums Up, Gold Spot, Citra, Maaza and Limca in 1993 to the Atlanta-headquartered firm.
(With inputs from PTI)
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