In a bid to unlock value for shareholders, Tata Chemicals on Wednesday announced that its board\u00a0has approved the de-merger of the Consumer Products Business of TCL into TGBL (Tata Global Beverages). The consumer product business of Tata Chemicals comprises manufacturing of edible common salt, spices and protein food. According to the firm's press release, each shareholder of Tata Chemicals will get 1.14 new equity shares of Tata Global Beverages Ltd for every one equity share they held in the company.\u00a0 "The proposed transaction will create a focused consumer products company with a combined turnover and EBITDA of Rs 9,099 crore and Rs 1,154 crore respectively," the company said in a regulatory filing. Also read:\u00a0Yes Bank shares end 8% lower after RBI appoints additional director in rare move Interestingly, the two flagship products of Tata Chemicals, Tata Salt and Tata Sampann, have contributed 16% and 19% of FY19 revenue for Tata Chemicals. Following the development,\u00a0Tata Global Beverages will be renamed Tata Consumer Products to reflect the new strategic direction, the firm said.\u00a0Sharing key expected synergies from the scheme, Tata Chemicals said that the combination of the two consumer-focused businesses will shareholders, as they will now be able to participate in a larger business poised to grow their share of the f&b market with a broader exposure to the attractive and fast growing sector FMCG sector. Tata Chemicals shareholders will retain their ownership in a focused science-led chemistry solutions and specialty products company which has a strong cash flow stream to support future growth. The combined consumer business will also benefit from a combined reach of over 200 million households, a broader portfolio to deepen distribution and enhanced innovation, noted the firm.\u00a0The arrangement is subject to the necessary statutory and regulatory approvals, and Tata Chemicals expects it to be completed by Q4 FY20 \/ Q1 FY21.\u00a0 N Chandrasekaran, Chairman, Tata Sons said that Tata Consumer Products consolidates the conglomerates current presence in food & beverages in the FMCG space. "Through this combination, we hove created a strong growth platform to meet the growing aspirations of lndian consumers," he added.\u00a0 Ajoy Misra, Managing Director & CEO of TGBI said that this transaction is consistent with the firm\u2019s strategy to deepen its india presence and transform \u00a0into a broader FMCG ployer. The existing TGBL shareholders will benefit significantly of the Consumer Products Business increases our exposure to high growth product categories and provides a strong platform to seize new opportunities in this sector, he added.