Tata Tea Ltd will buy 11 per cent of an Indian mineral water maker, a television channel said on Thursday, almost a week after the company agreed to sell a 30 percent stake in a US vitamin water maker for $1.2 billion.
CNBC TV18 said the founders of Mount Everest Mineral Water Ltd., which makes Himalayan brand of bottled water, would make a preferential allotment to Tata Tea.
Tata Tea will also make an open offer for more shares in Mount Everest to take its holding to 42 per cent, the TV channel said, adding Tata Tea's board was expected to approve the deal at a board meeting on Friday.
Read more in The Economic Times article.
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