Mcleod Russel's UK arm acquires 75 per cent in US tea company Olyana
25 Aug 2009
Mcleod Russel India Ltd, the world's largest tea producer and a member of the Williamson Magor Group of the United Kingdom, has acquired a 75 per cent stake in Olyana Holdings LLC for $2.75 million (about Rs13 crore).
Borelli Tea Holdings Ltd, a wholly-owned subsidiary of McLeod Russels, has signed a shareholders agreement to acquire 75 per cent stake in the US-based tea producer Olyana Holdings, Mcleod Russel said in a filing with the Bombay Stock Exchange (BSE).
The balance 25 per cent will be held by George W Rubagumya, the filing added.
Olyana, in turn, has signed a share sale agreement with the government of Rwanda for acquisition of 60 per cent stake in Gisovu Tea Company, the filing said.
Gisovu is in the same line of business as Mcleod Russel India. It has a tea processing factory producing around 1.7 million kg of tea annually.
Olyans has signed an agreement with the Rwandan government for long term development of the plantation, including value addition and marketing of tea produced by Gisovu Tea Company in Rwanda.
