Tata SmartFoodz Limited, NourishCo Beverages Limited, and Tata Consumer Soulfull were the transferor companies, while the transferee business, TCPL, having previously acquired and held all equity shares issued by them.
Tata Consumer Products Limited (TCPL), a major player in the FMCG industry, announced in a regulatory filing on Tuesday that its board of directors had approved the combination of its wholly-owned subsidiaries, NourishCo Beverages Limited, Tata SmartFoodz Limited, and Tata Consumer Soulfull Private Limited, with the company.
According to the petition, April 1, 2024, is the scheme’s designated date.
In accordance with the share purchase and investment agreement dated February 2, 2021, TCPL has now additionally acquired all of Tata Consumer Soulfull Private Limited’s (formerly known as Kottaram Agro Foods Private Limited) (“TCSPL”) optionally convertible preference shares from the company’s former proprietors.
Tata Consumer Products thus now owns all of the share capital of the three transferor businesses, including TCSPL. No additional shares whatsoever shall be issued by TCPL in consideration of the amalgamation, since it is the holding company and is not permitted to issue or allot any shares to itself. All of the transferor businesses’ shares are owned by TCPL.
The Hon’ble National Company Law Tribunal must sanction the scheme in accordance with Sections 230 and 232 of the Companies Act of 2013 among other statutory and regulatory clearances. It is suggested to benefit both the transferor and the transferee companies, and it will benefit all parties involved—stockholders, creditors, and employees.
Tata Consumer Products Limited is primarily involved in the production, marketing, distribution, and sale of consumer goods. The company’s product offerings span a number of food and beverage categories, including tea, coffee, water, edible salt, spices, protein foods, ready-to-drink beverages, and a number of other goods sold under the brands Tata Tea, Tetley, Tata Salt, and Tata Sampann, among others.