$523m profit for Tata Tea
India’s Tata Tea is all set to make a cool profit of $523 million with the Coca-Cola company buying its 30 per cent stake in Vitaminwater maker Glaceau for 1.2 billion.
As part of the $4.2 billion deal with the world’s largest beverage maker for acquiring 100 per cent of the capital of US-based Glaceau, also known as Energy Brands Inc, Tata Ltd (UK) have agreed to sell it their shares for 1.2 billion by the end of the year. Tata Tea and Tata Sons had through their British subsidiaries acquired 30 per cent holding in Glaceau for $677 million in August 2006 when the company was valued at $2.2 billion. Tatas thus stand to make a profit of $523 million.