Kolkata Dec 28 (IANS) Tata Global Beverages Ltd (TGBL) on Thursday said it has divested its stake in joint venture firm Estate Management Services Private Ltd (EMSPL) for a consideration of Rs 120 crore.
The company said it had sold stake as part of its "overall strategy to focus on branded business in key geographies".
"...the company vide a share sale and purchase agreement amongst Sunshine Holdings PLC Estate Management Services Private Ltd (EMSPL) and the company dated December 28 2017 divested its holdings of 1 20 78 406 shares in its joint venture EMPSL constituting 31.85 per cent of the issued capital of EMSPL for a consideration of about Rs 120 crore " a regulatory filing said.
"Consequently EMSPL has ceased to become an associate of the company effective December 28 2017 " it added.
--IANS
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