Financial Daily from THE HINDU group of publications
Tuesday, Sep 20, 2005
Financial Daily from THE HINDU group of publications Tuesday, Sep 20, 2005 |
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Corporate
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Outlook Tata Tea chief hints at change in business profile Our Bureau
Kolkata , Sept 19 THE business profile of Tata Tea Ltd will be changing over a period of time, according to Mr P.T. Siganporia, Managing Director. However, he chose not to elaborate on the subject at this point of time. Mr Siganporia was speaking to newspersons after chairing an EGM of shareholders on Monday, at which the shareholders approved the merger of the Kochi-based Tata Tetley with Tata Tea. On June 10, this year, Tata Tea announced the merger of Tata Tetley, which used to be a 50:50 joint venture between Tata Tea and Tetley. The company was a 100 per cent export-oriented unit and had an annual turnover of Rs 50-60 crore. Some time back, the Tatas bought over 50 per cent share in the joint venture company. Subsequently, it became a wholly owned subsidiary. As a follow-up, the company is now being merged with Tata Tea. According to Mr Siganporia, the benefits of this merger would get reflected in the company's accounts during the third and fourth quarters of 2005-06. On the proposed overseas acquisitions, he said that Tata Tea was constantly scanning opportunities across the world, but refused to give any more details. Meanwhile, he said, Tata Tea is carrying out a pilot project on herbal cultivation in two of its north Indian gardens. "These projects are currently at the experimentation stage."
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