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McLeod buys controlling stake in Moran Tea

KOLKATA: McLeod Russel India has acquired a controlling stake in Moran Tea (India) getting a holding of 86.69 per cent share of the paid-up capital of the company, which now becomes its subsidiary. The process was started in January this year, following a share purchase agreement with Moran Tea U.K. which had a 75 per cent holding in its Indian arm.

Moran Tea (India) has four tea gardens in Assam with an annual output of four million kg. Following this acquisition and taken together with the output of merged entities, McLeod Russel was hopeful of closing the year with an output of 75 million kg, Aditya Khaitan, Managing Director, told The Hindu.

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