Tea processing firm Tata Tea Ltd on Thursday said the company has been renamed Tata Global Beverages Ltd. The name change of the Tata Group Company is effective from July 2, Tata Tea said in a filing to the Bombay Stock Exchange.
The approval of the board of directors and its shareholders has already been sought by way of postal ballot in accordance with the provisions of Section 192 A of the Companies Act, 1956.
Following the operational integration of its five beverage businesses announced last year, Tata Global Beverages would unite all the beverage interests, marking another step in its transformation to become a global leader.
The purpose of the restructuring is to have a cohesive enterprise.All companies in the Tata Tea group would eventually become individual brands. Thus, the new company would be one big cohesive group of brands. Tata Tea would become a brand in the new scheme of things along with Eight O Clock Coffee, Tetley, Himalayan, Tata Coffee.Shares of the company closed at Rs 120.50, up 0.25 per cent from the previous close on the BSE.
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