Tata Global Beverages inks LOI with Tata Steel’s arm

Indian multinational non-alcoholic beverages company, Tata Global Beverages Limited (TGBL) has entered into a Letter of Intent (LOI) with Tata Steel Special Economic Zone, which is a wholly-owned subsidiary of Tata Steel, for establishing a Tea Packaging Unit in Gopalpur Industrial Park, Orissa.

The above Intent was exchanged on November 12, 2018 during the ‘Make in Orissa’ meeting in Bhubaneshwar, Orissa. The estimated scalable capacity of the new venture is expected to be 36 million kgs per year.  The unit would be functional by 2020, after all statutory and regulatory nods. The aggregate investments by both the companies for establishing this new Unit are expected to be Rs 100 crore, approx, over a period of time.

Shares of Tata Global Beverages Ltd is currently quoting at Rs 219.05 down by 0.41 percent during Wednesday’s mid-market trading hours on the NSE, whose benchmark index Nifty trade 33 points at 10,615.60.

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