Mcleod Russel to buy tea processing unit in Vietnam

Kolkata, May 3 (IANS) Mcleod Russel, the world's largest tea producer, Friday said its Vietnamese subsidiary Phu Ben Tea Company has signed an agreement for purchase of a tea processing factory in the southeast Asian country for $2.75 million.

"Phu Ben Tea Company Ltd, a 100 percent step-down subsidiary of the company in Vietnam on May 3, 2013 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 $2,754,000 plus VAT at the applicable rate,” Mcleod Russel informed Bombay Stock Exchange (BSE) in a regulatory filing.

Contacted for comments, the tea firm said it was hopeful of acquiring the tea processing factory soon.

“We expect that within a month we can acquire the factory in Vietnam,” Kamal Baheti, chief financial officer, McLeod Russel, told IANS.

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