Tata Global Beverages to sell Russian operations to Skodnya Grand
Kolkata: Tata Global Beverages Ltd (TGBL) on Thursday said it has agreed to sell its Russian operations to Skodnya Grand Ltd for an undisclosed sum.
The Russian operations yielded Rs266 crore in revenue and a post-tax loss of Rs29 crore in 2016-17, TGBL said in a statement on Thursday.
Along with its co-investor European Bank for Reconstruction and Development, TGBL decided to restructure its Russian operations. Though the company is selling its 58% stake in the Russian subsidiary, it will retain its brands and license them for use by the new owner.
The company recently sold its operations in China as well, earning Rs17.5 crore from the transaction.