Tata Tea had gradually increased its stake in Mount Everest Mineral Water over the past 10 months in a bid to consolidate similar businesses under a single roof, and may merge the mineral water firm with itself.
Reports further indicated that, under its consolidation drive, Tata Tea aims to create one holding company with various divisions such as tea, coffee, water, juices and energy drinks.
Tata Tea had acquired a 26% stake in Mount Everest in 2007 for Rs115 cr, which was followed by an open offer for acquiring a further 20% stake at Rs140 a share.
Mount Everest Mineral Water reported a net loss of Rs2.36 cr in Q2 September 2009, as compared with a net loss of Rs9.47 cr in Q2 September 2009. Net sales dipped 14.7% to Rs4.53 cr in Q2 September 2009 over Q2 September 2008.
Mount Everest Mineral Water sells natural mineral water under the brand name ‘Himalayan’. The company’s clientele includes luxury hospitality chains, premium airliners, multiplexes and restaurants.
Source: Economic Times
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