“Earth Rules Pty Ltd, Australia, a step-down subsidiary of the company, has entered into an asset sale and purchase agreement on December 5, 2020, for sale of MAP Coffee Business to Buccheri Group Pty Ltd,” TCPL said in a regulatory filing.
Post completion of the transaction, Earth Rules will continue to be a step-down subsidiary of TCPL, it added.
Earth Rules has a turnover of 6.23 million Australian dollar and contributed 0.31 per cent of consolidated revenues of the company as on March 31, 2020, it added.
“Total consideration of AUD 1.25 million (Rs 6.74 crore) to be received in tranches by February 28, 2021, as per terms of the asset sale and purchase agreement dated December 5, 2020,” it said.
Buccheri Group, the buyer, is a Melbourne-based company engaged in the business of coffee.