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Tata Global Beverages (TGBL) has said that it is going to sell its business in Russia for an undisclosed amount to a local firm as part of restructuring operations in the country.
The company has said in a statement that TGBL has entered into an agreement to transfer ownership and operational responsibility of its Russian business unit to Skodnya Grand.
It added that the agreement also includes grant of a 5 year renewable license agreement for its Russian brands to Tea Trade LLC, after completion of the transaction.
