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Kolkata , Sept. 19

BEEYU Overseas Ltd, in a joint venture with Fern Tea Company of Sri Lanka, has bid for lease of four tea factories and 2,000 heactres of plantation in Sri Lanka. Fern Tea will hold a majority 51 per cent stake in the joint venture. The bids will be opened on October 15.

Addressing the 12th annual general meeting of Beeyu Overseas Ltd, the Chairman and Managing Director, Mr B.P. Singh, said considering the socio-political instability in the region, the company has preferred the lease route instead of acquiring the same so as to keep the exit route open in case of any eventuality.

"In case the bid, valued at Rs 20 lakh a month, is accepted, Beeyu's presence will extend to Sri Lankan market for production of high quality orthodox tea," Mr Singh said.

The company is also planning acquisition of a bought-leaf factory in West Bengal at an estimated cost of Rs 3 crore. "The company has short-listed a few units and is currently negotiating the terms and conditions. We are confident that the acquisition will be finalised by December this year," he said.

Having got listed on the Bombay Stock Exchange following its public issue, Beeyu has recently applied for listing on the NSE. Mr Singh said that the new factory at Ooty, for which the public issue was made, was commissioned on September 7 and was now in trial-run mode.

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