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Tata Chemicals, Tata Global Beverages zoom on biz merger announcement

Press Trust of India  |  New Delhi 

Shares of zoomed nearly 9 per cent Thursday after the announced the transfer of the branded business from the company to in an all-share deal.

The scrip jumped 8.36 per cent to Rs 604 on the BSE, and 8.83 per cent to Rs 606 on the NSE.

Shares of also advanced 10.61 per cent to Rs 219.85 on the BSE.

With an intent to put in place a consolidated platform for its consumer business and become a leader in the FMCG segment, Wednesday announced the transfer of the branded business from to in an all-share deal that will create an over Rs 9,000-crore giant.

Under the agreement, Tata Global Beverages (TBGL) will buy the business of selling edible salt, spices, and lentils and give shares in return to (TCL).

TGBL will rename itself as Tata Consumer Products after the deal.

A statement issued by the group said that the combination of the two consumer-focused businesses will benefit both sets of shareholders who will be able to participate in a larger business poised to grow their share of the foods and beverages market with a broader exposure to the attractive and fast growing FMCG sector.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 16 2019. 12:10 IST