Earth Rules Pty Ltd., the Australian subsidiary of Tata Consumer Products Ltd., is selling its MAP coffee business to Melbourne-based Buccheri Group Pty Ltd. for $1.25 million, or Rs 6.74 crore.
The money will be received in tranches by Feb. 28, 2021, according to the terms of the asset sale and purchase agreement dated Dec. 5.
MAP Coffee was established in 2002 and supplied Australian cafes, restaurants and bars with a range of Italian and locally roasted coffee, according to the information available on Tata Consumer Products' website. It became a part of the Tata Group company in 2014.
“TCPL's step down subsidiary has entered into an asset sale and purchase agreement on Dec. 5, 2020, for sale of MAP Coffee Business to Buccheri Group,” the company said in a regulatory filing. “Post completion of the transaction, Earth Rules will continue to be a step-down subsidiary of TCPL.”
Earth Rules has a turnover of A$ 6.23 million and contributed 0.31% of consolidated revenue of Tata Consumer Products as on March 31, 2020, the filing stated.
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