The Tata Group is considering an offer to buy back a stake in its entertainment content distribution platform Tata Play from Temasek Holdings, Bloomberg reported. Separately, Tata Consumer and Wipro Consumer are in early-stage talks to buy the spices portfolio of Chennai-based Aachi Group, VCCircle reported.
Tata weighs buying Temasek’s stake in pay TV platform
The Tata Group is considering an offer to buy back a stake in its entertainment content distribution platform from Temasek Holdings Pte as the Indian conglomerate weighs postponing Tata Play Ltd.’s initial public offering, Bloomberg reported on Thursday.
Tata Group is contemplating whether to delay the planned Tata Play listing because of market conditions, the report said. Instead, Tata Group has started discussions with Temasek around a deal that would give the Singaporean state investor an opportunity for a long-awaited exit from its investment in the platform, formerly known as Tata Sky.
Discussions between Tata Group and Temasek are ongoing and could still fall apart, the people said. Tata Play could still opt for a listing should market conditions improve.
Tata Play recently received a green light from regulators to proceed with the IPO.
Wipro, Tata arms eye stake in Aachi Masala
Tata Consumer and Wipro Consumer are in early-stage talks to buy a 51% stake in the spices portfolio of Chennai-based Aachi Group for around Rs 1,000 crore ($122 million), VCCircle reported on Thursday.
The company had initiated talks in the past with several homegrown private equity funds. However, the talks didn’t materialise back then, the report said.
Aachi Masala Foods posted consolidated net sales of Rs 1,660 crore during FY22, including its non-spice business, against Rs 1,655 crore a year ago, as per VCCEdge, the data intelligence platform of VCCircle. Aachi Special Foods generated revenue of Rs 532 crore during FY22 while Aachi Spices & Foods clocked Rs 215.8 crore during the year.
However, after excluding intra-group sales, the total revenue of the group was around Rs 1,360 crore for the year ended March 2022, compared with Rs 1,411.7 crore the year before. Net profit rose to Rs 21.7 crore from Rs 9.7 crore for FY21.