Tube Investments Divest Its Stake In Tl Absolute Concepts
Tube Investments of India Limited has divested its entire shareholding in Tl Absolute Concepts Private Limited (TIACPL), a joint venture of the company, in favour of Absolute Speciality Foods Chennai Private Limited (Absolute Speciality Foods) viz., the joint venture partner. Consequent to the above, TIACPL has ceased to be the company's joint venture company.
The company further informed that the aforesaid divestment is in pursuance of the parties entering into necessary Share Purchase Agreement.
TIACPL was a 50:50 joint venture Company with Absolute Speciality Foods for establishing theme based restaurants with bicycle retail outlet through TIACPL. The revenue of TIACPL was impacted due to regulatory environment relating to Food & Beverage industry in the recent times. In view of the accumulated losses & the time and investment that may be required for the turnaround of TIACPL, the company has decided to divest its shareholding.