C Sivasankaran, chairman of the Sterling Group, has said his company will finalise the takeover of the Barista coffee chain this week. Sterling is acquiring Turner Morrison's 58 per cent stake in Barista.
Final negotiations for the closure of the deal were on, Sivasankaran told reporters in Chennai. He, however, said he was not at liberty to divulge the price at which the deal was being struck.
The Barista acquisition is seen as having synergy with Sivasankaran's Rs 50 crore (Rs 500 million) Fresh and Honest coffee vending business, which has a strong corporate clientele.
Asked about his equation with the Tata Group, which holds a 34.3 per cent stake in Barista, Sivasankaran said: "Ratan Tata is a good friend of mine. Our relationship is most cordial."
He recently sold his Internet service provider business (Dishnet DSL ) to the Tata-owned international telephony major VSNL.