According to a PTI report: TGBL in August announced sale of its business in Russia as part of restructuring operations in that country.
“We now inform you that the process of restructuring has been completed resulting in the sale of two of the company’s overseas subsidiaries (Sunty LLC and Tea Trade LLC),” TGBL said in its latest filing.
It added that Coffee Pack is the purchaser of Sunty LLC, while Skhodnya Grand has bought Tea Trade. The transaction was completed on November 3, 2017.
The company received “375 million roubles for transfer of equity and assets of Sunty LLC and Teatrade LLC. Additionally, the company’s overseas subsidiary will receive license fees as a percentage of sales towards license of brand,” it said.
The turnover and net worth of Sunty LLC for the year ended March 31, 2017 was Rs 248 crore and Rs (73) crore, respectively. Tea Trade had a turnover of Rs 18 crore and net worth of Rs (1) crore, the filing said.
“Both Sunty LLC and Tea Trade LLC have ceased to be subsidiaries of the company,” TGBL said.