Life Insurance Corporation (LIC) has reduced its stake in Tata Global Beverages by 2.14 per cent, selling 1.35 crore shares in the market. The public sector insurer, which had 9.85 per cent stake earlier, brought down its shareholding in the company to 7.70 per cent by selling shares between July 20, 2016, and July 4, 2017, Tata Global Beverages (TGBL) said in a filing to BSE. TGBL's tea brand includes Tata Tea, Tetley, Good Earth Teas, Vitax, teapigs and JEMCA. It is the world's second-largest manufacturer and distributor of tea with significant brand presence in over 40 countries across Asia, Europe, North America, the Middle East, Africa and Australia. In coffee segment, it has brands as Eight O'Clock and Grand.
The Tata group firm also operates a coffee chain with Starbucks in India in a 50:50 joint venture. Shares of TGBL were trading at Rs 175 apiece, down 1.02 per cent, on BSE.
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