The board of directors of the leading fast-moving consumer goods (FMCG) company, Tata Consumer Products Limited (TCPL), has officially given the green light to merge its wholly-owned subsidiaries, which include NourishCo Beverages Limited, Tata Smartfoodz Limited, and Tata Consumer Soulfull Private Limited. This strategic move was confirmed in a regulatory filing by TCPL.
According to the filing, the appointed date for this merger is set for April 1, 2024. TCPL, as the transferee company, had previously acquired and held all equity shares issued by the transferor companies, namely NourishCo Beverages Limited, Tata SmartFoodz Limited, and Tata Consumer Soulfull.
As part of the process outlined in the share purchase and investment agreement dated February 2, 2021, TCPL has also acquired all optionally convertible preference shares of Tata Consumer Soulfull Private Limited (formerly known as Kottaram Agro Foods Private Limited) (“TCSPL”) from its former promoters. Consequently, TCPL now holds the entire share capital of all three transferor companies, including TCSPL. Since TCPL is the holding company, holding all shares in the share capital of the transferor companies, there will be no issuance of new shares by TCPL as part of the amalgamation.
It is important to note that this merger is subject to securing necessary statutory and regulatory approvals, including the approval of the Hon’ble National Company Law Tribunal under Sections 230 and 232 of the Companies Act, 2013. The merger is expected to bring about favorable outcomes for the shareholders, creditors, employees, and all stakeholders of the transferor and transferee companies.
Tata Consumer Products Limited primarily operates in the manufacturing, marketing, distribution, and sale of consumer products, offering a wide range of food and beverage categories. Their product lineup includes tea, coffee, water, edible salt, spices, protein foods, ready-to-eat and ready-to-drink beverages, and various other consumer products, all marketed under renowned brands such as Tata Tea, Tetley, Tata Salt, and Tata Sampann, among others.