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Tata Consumer's Australia unit to sell MAP Coffee business to Buccheri Group

By Retail4Growth Team | December 07, 2020

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.

Tata Consumer Products Ltd (TCPL) 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).

“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 sale of MAP Coffee Business to Buccheri Group Pty Ltd,” TCPL said in a regulatory filing. “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.

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 per cent of consolidated revenues of the company as on March 31, 2020, it added.

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.

 

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