In what is the largest Indian acquisition abroad so far, Tata Sons and Tata Tea have signed a definitive agreement to acquire a 30% stake in US-based enhanced water maker Glaceau, with an investment of $677 million.
The stake is being bought in Energy Brands Inc, which owns Glaceau, from US-based leading private equity firm TSG Consumer Partners.
Glaceau products fall in the health and wellness category and its brands include nutrient-enhanced Vitaminwater, electrolyte-enhanced Smartwater and flavour-enhanced Fruitwater.
Energy Brands sells five million bottles of Glaceau water products daily, and the investment brings the Tata group in direct competition with PepsiCo Inc, which is the US leader in non-soda sales, with 49% of the market. Arch rival Coca-Cola has a 25% share.