Kolkata, July 28 (IANS) Kolkata-based Dhunseri Petrochem & Tea Limited (DPTL) has acquired tea estates in the southeastern African country of Malawi, the company said in a regulatory filing.
The company was in discussions with third parties to acquire tea estates overseas.
DPTL, through its wholly-owned subsidiary Dhunseri Petrochem and Tea Pvt Ltd, has agreed to buy out 100 percent share capital of Makandi Tea and Coffee Estates Ltd and Kawalazi Estate Company Ltd from London-based Global Tea and Commodities Ltd by executing a share purchase agreement (SPA), the company informed Bombay Stock Exchange (BSE) Friday.
The board of the company in a meeting in May had authorised it to undertake such acquisitions directly or indirectly once an agreement was reached.
This African acquisition is for the first time that the tea maker has made a foray in the tea plantation business abroad.
The two acquired firms produce a total of 9.45 million kgs of tea.
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