Tata Consumer Products divests MAP Coffee business in Australia

Tata Consumer Products continually evaluates its businesses across geographies in line with its strategy and business objectives. As a result of this process, the Company has decided to divest its MAP Out of Home coffee business in Australia to Buccheri Group Pty Ltd, a Boutique Coffee manufacturer established in Australia in 2007, and led by Santo Buccheri and his family. This divestment does not impact Tata Consumer Products' existing branded tea business in Australia.

This move is consistent with our focus on consolidating our businesses and enhancing profitability and business effectiveness. This will also help bring greater focus to our core branded tea and coffee businesses in International markets.

Sunil D'Souza, Managing Director & Chief Executive Officer, Tata Consumer Products Limited said, "In line with our strategy of driving structural simplification and focusing on core businesses where we see profitable growth, we have exited the out of home coffee business in Australia. While it was a small part of our overall business, the divestment will help us further consolidate our International footprint and better focus on our core brands."

Shares of Tata Consumer Products Limited was last trading in BSE at Rs.563.8 as compared to the previous close of Rs. 550.2. The total number of shares traded during the day was 144280 in over 3161 trades.

The stock hit an intraday high of Rs. 566.6 and intraday low of 551.15. The net turnover during the day was Rs. 81081801.

Source : Equity Bulls

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