The Hindu Business Line : Williamson Tea board revamped

WITH the Khaitans formally taking over 17 tea gardens from the London-based Magors for a consideration of £21.35 million (about Rs 162 crore), the board of directors of Williamson Tea Assam Ltd was reconstituted on Wednesday.

Mr B.M. Khaitan heads the company's board as Chairman, while Mr Deepak Khaitan is the Vice-Chairman. Other directors on the board include Mr A. Khaitan, Mr P. Magor, Mr J. Hazarika, Lt. Gen K.S. Brar, Mr P.K. Majumdar, Mr Padam Khaitan and Mr K.K. Baheti.

Speaking to newspersons here on Wednesday, Mr B.M. Khaitan said that the deal was concluded on Wednesday in London between Mr Deepak Khaitan and the Magors. The entire deal, for which ICICI Securities was the advisor, was concluded in 41 days.

Following this, the Khaitans have become the world's largest bulk tea producer with an annual production of 62 million kg. Of this, 19 million kg is directly exported by the group.

Mr Khaitan said a 20 per cent open offer for minority shareholders would be made between August 1 and 22.

He said the B.M. Khaitan group was seeking a presence in Kenya "so that we are able to offer all types of teas to our buyers, some of whom also buy Kenyan teas. In the long-term, the group would be keen to acquire tea estates in Kenya, which would have a production capacity of "at least 8-10 million kg of tea annually."

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Suzuki Motorcycle plans Indian launch in Oct with 125-cc bike

ACC to sell refractory business to ICICI Venture Funds for Rs 257 cr

Superstar Exports to buy 15.61 pc stake in SQL Star

Uttam Galva raises $30 m thru FCCBs

Crisil sees steady ratings scenario

Williamson Tea board revamped

Ocimum buys German co's genomic diagnostics division — To merge US, India operations

Appointing commissioner to review records — Birla Corp minority shareholders' plea turned down

FDA bans sale of `Red Bull'

Information security is not a custom, more honoured in the breach than in the observance

BEML shareholders clear Rs 400-cr issue

ONGC forays into power, to set up project in Tripura

GKW shines on BIFR deal

ONGC to be worst hit under subsidy sharing

`Centre must launch full-fledged attack on building infrastructure'