Tata Global Beverages Ltd (TGBL) said Tuesday it will acquire the branded tea business of Dhunseri Tea & Industries for an aggregate consideration of Rs 101 crore.
The acquisition would help the company expand its tea business in regional markets like Rajasthan.
It had entered into a non-binding term sheet to acquire the branded tea business of Dhunseri Tea & Industries.
Dhunseri branded tea business has two brands -- Lalghoda and Kalaghoda - which are among the leading local brands in Rajasthan, a market dominated by local players.
"The proposed acquisition shall be subject to due-diligence and applicable approvals," said TGBL in a statement.
According to the company, "this move is in line with TGBL's ambition to grow its branded tea business in India."
Presently, TGBL gets around 55 per cent of its revenue from the Indian market, which is largely dominated by tea vertical.
TGBL is a global beverage business and its brands have presence in over 40 countries.