India's largest conglomerate Tata Sons rejected a proposal by the group's mergers and acquisitions team for Tata Global Beverages to buy Prabhat Dairy for around Rs 400 crore, The Economic Times reported.
“The board did not see it significant enough to scale up the business in the challenging dairy sector, and instead asked Tata Global Beverages to focus on its core business,” a person with knowledge of the development told the newspaper.
The board of Tata Sons board had earlier sought a due diligence report on a proposal to buy struggling Jet Airways before taking up the plan for consideration. The board, headed by N Chandrasekaran, discussed both proposals on November 16, said the report.
Tata Global Beverages sells tea, coffee and water. Tetley, Himalayan Natural Mineral Water, Starbucks are some of the brands under the company.
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