Sunday, Jun 12, 2005
Sunday, Jun 12, 2005 |
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Special Correspondent
KOLKATA: Tata Tea is planning to merge its Kochi-based subsidiary with itself, Percy Siganporia, Managing Director, said. Talking to The Hindu, he said the merger, approved by the board, would be effective from April this year, subject to statutory approvals. The Kochi outfit, Tata Tetley, which is an export oriented unit, was set up in 1992 as an equal joint venture between Tata Tea and the Tetley Group of the U.K. "It was independent of Tata Tea and Tetley as an organisation, existing as a separate corporate entity," Mr. Siganporia said. The benefits of the merger would accrue to Tata Tea by way of topline growth. The unit, which has an annual turnover of about Rs. 55 crore, serves Tetley's markets in Poland and Russia, selling packet tea and tea bags. It was felt that since Tata Tea's acquisition of Tetley in 2000, this outfit was `lying loose' and it could be harnessed to shore up Tata Tea's topline.
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