Tata Consumer Products Ltd (TCPL) on Saturday said its Australia-based step-down subsidiary is selling MAP Coffee Business to Buccheri Group for 1.25 million Australian dollar (Rs 6.74 crore).
According to TCPL's website, MAP Coffee was established in 2002 and supplied Australian cafes, restaurants and bars with a range of Italian and locally roasted coffee. It joined TCPL in 2014.
Earth Rules Pty Ltd, Australia, a step-down subsidiary of the company, has entered into an asset sale and purchase agreement on December 5, 2020, for the sale of MAP Coffee Business to Buccheri Group Pty Ltd, TCPL said in a regulatory filing.
Post completion of the transaction, Earth Rules will continue to be a step-down subsidiary of TCPL, it added.
Earth Rules has a turnover of 6.23 million Australian dollar and contributed 0.31 percent of consolidated revenues of the company as on March 31, 2020, it added.
The total consideration of AUD 1.25 million (Rs 6.74 crore) to be received in tranches by February 28, 2021, as per terms of the asset sale and purchase agreement dated December 5, 2020, it said.
Buccheri Group, the buyer, is a Melbourne-based company engaged in the business of coffee.