Tata Consumer Products on Monday said it will acquire PepsiCo’s stake in NourishCo Beverages, an equal joint venture, as part of its focus on expanding its food and beverage business.

In a filing with the Bombay Stock Exchange, Tata Consumer Products said a total consideration of Rs 29 crore is payable in cash to buy PepsiCo’s stake in NourishCo and transfer the rights on the “Gluco Plus/Gluco+” brand from PepsiCo.

NourishCo was incorporated on November 25, 2010, and earned a turnover of Rs 181 crore in 2019-20. The company, which also has Himalayan mineral water and Tata Water Plus in its portfolio, will now become a wholly owned subsidiary of Tata Consumer Products. The transaction is expected to be complete by June 30, 2020.

“The liquid beverages category has exciting growth potential and this move will help us strengthen and widen our presence in it. Over the years, NourishCo has built a capable team and a network of distributors, packers and vendors. We will look to scale up these capabilities further and build a differentiated position in this segment,” Sunil D’ Souza, managing director of Tata Consumer Products, said in a statement.