McLeod Russel buys tea processing plant in Vietnam for Rs 15cr

NEW DELHI: McLeod Russel India, the world's leading tea producer, today said it's overseas subsidiary has acquired a tea processing plant in Vietnam for USD 2.75 million (about Rs 15 crore).

" Phu Ben Tea Company, a 100 per cent step-down subsidiary of the company in Vietnam has signed an agreement for purchase of a tea processing factory in Vietnam with annual production capacity of 1.2 million kgs for a consideration of USD 2754000 plus VAT at the applicable rate," Mcleod Russel India said In a filing to the BSE.

The agreement was signed today, the company added. It has tea estates in India, Africa and Vietnam. McLeod Russel India posted a revenue of Rs 1445.32 crore in the 2011-12 fiscal. It produces about 100 million kg of high quality tea a year from estates in Assam, West Bengal, Vietnam, Uganda and Rwanda. The company exports tea to Europe, the Middle East and North America.