Bengaluru: India’s Tata Consumer Products Ltd on Friday said it had ceased discussions with packaged water maker Bisleri International about a potential acquisition.
Bisleri chairman Ramesh Chauhan had decided to sell the company to Tata Consumer Products for up to 70 billion rupees ($848 million), the Economic Times newspaper reported in November.
“The company has not entered into any definitive agreement or binding commitment on this matter,” Tata Consumer, which sells the popular Tata Salt and Himalayan-branded mineral water, said in a stock exchange filing after market closed.
Bisleri did not immediately respond to a Reuters’ request for comment.
Tata Consumer’s shares closed 1.8% up on Friday.
($1 = 82.5470 Indian rupees)
(Reporting by Rama Venkat in Bengaluru; Editing by Varun H K)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.