| Tata Consumer Products announced that the Scheme Implementation Committee of the Board of Directors of the Company at its meeting held on 30 November 2023, has approved the setting up of an additional 5500 MT Freeze-Dried Coffee facility in Vietnam. This facility is being undertaken by Tata Coffee Vietnam Company, a step-down wholly-owned subsidiary of Tata Coffee. Tata Coffee is a subsidiary of the Company.
Further, the Company has entered into a Composite Scheme of Arrangement with Tata Coffee and TCPL Beverages & Foods (wholly-owned subsidiary of the Company) and their respective shareholders and creditors, pursuant to the provisions of Sections 230 to 232 of the Companies Act, 2013, and the said Scheme has recently been approved by Hon'ble National Company Law Tribunals, Bengaluru
and Kolkata. This Scheme will be effective once the conditions mentioned in Clause 29 of the Scheme are all satisfied. Upon the Scheme becoming effective, Tata Coffee Limited shall stand amalgamated with the
Company, resulting in a change in ownership for Tata Coffee Vietnam Company from Tata Coffee to the Company, subject to the necessary approvals, as may be required, for this purpose. Consequently,
Tata Coffee Vietnam Company will become a wholly-owned subsidiary of the Company.
Accordingly, the Scheme Implementation Committee of the Board has approved the expansion of existing capacity of 5,000 MT with proposed capacity addition of 5,500 MT within 2 years with an investment of Rs 450 crore. The expansion is being undertaken to cater to the growing demand for the freeze-dried product envisaged and saturation of existing capacity. |