Tata Consumer Products has stopped talks to buy stake in the country’s largest packaged drinking water maker Bisleri.
"The Company wishes to update that it has now ceased negotiations with Bisleri with regard to a potential transaction and to confirm that the Company has not entered into any definitive agreement or binding commitment on this matter," Tata Consumer Products said in a stock exchange filing.
Earlier this month, Tata Consumer Products had paused its discussions with Bisleri International Private Limited over valuation concerns as Bisleri was looking for valuation of $1 billion while they were finalising the structure of the transaction.
Last year, Tata Group initiated talks with Bisleri International to acquire a stake in the packaged water company, according to news reports.
Tata Consumer Products sells packaged mineral water under the brand Himalayan and with brands as Tata Copper Plus Water and Tata Gluco+ in the hydration segment.
The Indian bottled water market was valued at over $2.43 billion (around Rs 19,315 crore) in FY2021, said a report from market research and advisory TechSci Research.
Several companies including Coca-Cola India through its brand Kinley, PepsiCo's Aquafina, Bailley from Parle Agro and Indian Railway Catering and Tourism Corporation (IRCTC)'s Rail Neer compete in the segment but they all trail the market leader Bisleri.
Ramesh J Chauhan-led Bisleri International operates in the segment with bottled water brand Bisleri and spring water Vedica.
It is also present in fizzy drinks with brands - Spyci, Limonata, Fonzo and PinaColada.
Chauhan has also created various super brands such as ThumsUp, Gold Spot, Maaza and Limca, which were acquired by the Coca-Cola Company in 1993 when the Atlanta-headquartered company had re-entered the Indian market.
