New Delhi
TCPL’s step-down subsidiaries in the USA have decided to divest their entire membership interest in Empirical Group and Southern Tea to the JV partner Harris Tea Company, USA (Harris Tea), a regulatory filing said.
The exits are in-line with TCPL’s strategy to focus on the core branded business. But, it did not share the amount, which it will get from the divestment. Empirical is engaged in the sale of tea and coffee for food services and contract customers and Southern Tea is a manufacturing entity, managed by Harris Tea.
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