NEW DELHI: The boards of directors of Tata Global Beverages (TGBL) and Mount Everest Mineral Water (MEMW) on Tuesday approved a proposal a merger. MEMW is a subsidiary of TGBL, which holds a 50.07% stake in the former.
\"This merger will enable increased operational efficiencies and better synergy between both businesses... The proposed merger will facilitate the growth of the Himalayan natural mineral water brand owned by MEMW,\" a company statement added.
TGBL is a global beverage business and the world\'s second largest tea company. The group\'s annual turnover is $1.4 billion and it employs over 3,000 people worldwide.
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