Bisleri International in India is in talks to sell itself to the salt-to-software conglomerate Tata Group, according to Ramesh Chauhan, chairman of the packaged water company.
During his interview, Chauhan, however denied that a deal was being finalised.
Bisleri, which competes with Coca-Cola Co’s Kinley and PepsiCo Inc’s Aquafina, and Tata Consumer Products did not respond to requests for comment from Reuters. Chauhan was not available for comment.
According to the company’s website, Chauhan founded Bisleri in 1969 and is known for creating well-known homegrown soft-drink brands such as ThumsUp, Gold Spot, Citra, Maaza, and Limca. In 1993, he sold the soft drinks portfolio to Coca-Cola.
According to media reports, Tata Consumer, which sells the popular Tata Salt, Himalayan mineral water, and has a joint venture with Starbucks in India, made an offer for Bisleri in September.
Tata Consumer’s shares increased as much as 3.2% in early trade to reach 794.75 rupees, their highest level since October 6.
On October 20, Tata Consumer Products reported a larger-than-expected increase in quarterly profit, aided by higher salt prices and pent-up demand for everything from mineral water to Starbucks coffee.