TCPL to promote MAP Espresso enterprise to Buccheri Group in Rs 6 crore deal

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NEW DELHI: Tata Consumer Products Ltd (TCPL) on Saturday mentioned its Australia primarily based step-down subsidiary is promoting MAP Espresso Enterprise to Buccheri Group for 1.25 million Australian dollar (Rs 6.74 crore). Based on TCPL’s web site, MAP Espresso was established in 2002 and provided Australian cafes, eating places and bars with a spread of Italian and regionally roasted espresso. It joined TCPL in 2014.

Earth Rules Pty Ltd, Australia, a step-down subsidiary of the corporate, has entered into an asset sale and buy settlement on December 5, 2020, on the market of MAP Coffee Business to Buccheri Group Pty Ltd,” TCPL mentioned in a regulatory submitting.

Put up completion of the transaction, Earth Guidelines will proceed to be a step-down subsidiary of TCPL, it added.

Earth Guidelines has a turnover of 6.23 million Australian greenback and contributed 0.31 per cent of consolidated revenues of the corporate as on March 31, 2020, it added.

“Whole consideration of AUD 1.25 million (Rs 6.74 crore) to be acquired in tranches by February 28, 2021, as per phrases of the asset sale and buy settlement dated December 5, 2020,” it mentioned.

Buccheri Group, the client, is a Melbourne-based firm engaged within the enterprise of espresso.

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