India’s Bisleri International is in talks to sell itself to salt-to-software conglomerate Tata Group, the packaged water company’s chairman, Ramesh Chauhan, said in a CNBC-TV18 interview.
Chauhan, however, denied during his interview that a deal was being finalised.
Earlier, the Economic Times reported citing Mr. Chauhan that Tata Consumer Products would buy the company for up to ₹70 billion ($857.38 million).
Bisleri, which competes with Coca-Cola Co.’s Kinley and PepsiCo Inc.’s Aquafina, did not respond to Reuters requests for comment. Chauhan could not be reached for comment.
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Tata Consumer remains in discussions with various parties, including Bisleri International, as it evaluates various “strategic opportunities for growth and expansion”, the company said in a statement, without giving further details.
Mr. Chauhan, who launched Bisleri in 1969 as per the company’s website, is known for creating famous homegrown soft-drink brands, including ThumsUp, Gold Spot, Citra, Maaza and Limca. He sold the soft-drink portfolio to Coca-Cola in 1993.
Tata Consumer, which sells the popular Tata Salt, Himalayan mineral water and runs a joint venture with Starbucks in India, made an offer for Bisleri in September, according to media reports.
Shares of Tata Consumer rose as much as 3.2% in early trade to hit 794.75 rupees, their highest since October 6.