Tata Consumer Products Ltd on Friday said it has ceased negotiations with packaged drinking water brand Bisleri with regard to a potential acquisition.

"The company wishes to update that it has now ceased negotiations with Bisleri with regard to a potential transaction and to confirm that the company has not entered into any definitive agreement or binding commitment on this matter," the Tata Group company said in a stock exchange filing.

In November, various media reports had said that the company was in discussions to acquire Bisleri in a deal worth ₹6,000-7,000 crore.

Bisleri is the market leader in India with a share of 60% in the bottled water segment. The other key players, which compete in this sector are Coca-Cola India’s brand Kinley, PepsiCo's Aquafina, Indian Railway Catering and Tourism Corporation (IRCTC)'s Rail Neer, and Bailley from Parle Agro.

Tata Consumer Products already sells packaged mineral water under the brands Himalayan and Tata Copper Plus Water and Tata Gluco+ in the hydration segment.

TCPL, which was created by grouping the brands like Tata Tea, Tata Coffee, Tata Salt and Tata Sampann, has been expanding its portfolio through acquisitions and product innovations. Tata acquired Soulfull to focus on the health and wellness food category. TCPL is valued ₹75,000 crore in the stock market.

Net profit of Tata Consumer Products grew 32% to ₹351 crore for the quarter ended December 31, 2022. Revenue from operations came in at ₹3,475 crore, up 8%, compared with ₹3,208 crore in the same quarter last year.

Meanwhile, Reliance Consumer Products Ltd (RCPL), the FMCG arm and a wholly-owned subsidiary of Reliance Retail Ventures Limited (RRVL), recently announced the launch of the iconic beverage brand, Campa. The Campa portfolio will initially include Campa Cola, Campa Lemon and Campa Orange in the sparkling beverage category. Reliance acquired the 50-year-old brand Campa from Delhi-based Pure Drinks Group for around ₹22 crore in September 2022. RCPL had also acquired a 51% stake in Lotus Chocolate Company for ₹74 crore.

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