Alexa
  • Directory of Taiwan

India's Tata Group buys 33 percent stake in South African tea company Joekels

India's Tata Group buys 33 percent stake in South African tea company Joekels

The Tata Group has acquired a 33 percent stake in South African tea company Joekels, marking the latest in a string of aggressive acquisitions by the Indian business conglomerate over the past year.
The deal was executed through Tetley, a former British tea company that now is fully owned by Tata Tea Ltd., said an official notice to the Bombay Stock Exchange filed Thursday.
Tata Tea didn't disclose the purchase price.
"This acquisition is yet another development in our plan to grow the Tata Group's tea business around the world," Tetley CEO Ken Pringle said in the notice.
The Tata Group's interests span a wide range of businesses, from steel and automobiles to software services and hotels.
The acquisition will give Tata Tea access to the South African tea market, where Joekels is the third-largest player and also establish a presence for Tetley in South Africa, Namibia, Botswana, Lesotho and Swaziland, Pringle said.
Joekels, which will still be controlled by founders Jonathan Kelsey and Joe Swart, will produce Tetley products at its factory in Pinetown, Kwazulu Natal province.
Over the past year, Tata Tea has become an aggressive acquirer of beverage companies worldwide.
In August, it bought a 30 percent stake in New York-based Energy Brands Inc that makes the Glaceau brand of flavored water for US$677 million (euro530 million).
That acquisition came weeks after Tata Coffee, a subsidiary of Tata Tea, bought New Jersey-based Eight O' Clock Coffee in June for US$220 million (euro170 million).
In May, Tata Tea also acquired Czech tea company JEMCA, which Percy Siganporia, managing director of Tata Tea, said has a 27 percent market share in that country with an annual revenue of around US$12.5 million (euro9.8 million).
Last October, the company also bought Good Earth Teas, a U.S.-based fruit and herbal tea brand.
During the April-June quarter, Tata Tea's worldwide revenue rose 12 percent to 8.1 billion rupees (US$175 million, euro138 million).


Updated : 2021-06-19 14:37 GMT+08:00