Packaged tea manufacturer Wagh Bakri Tea Group today said it was looking to foray into new markets like Africa and Middle East.
“Our tea exports have increased by 20 per cent this year. We are exploring the possibility of launching our range in the markets of Africa and Middle East,” said Mr Parag Desai, Executive Director of the group here.
“We are in the premium tea segment and primarily exporting to developed countries presently,” he said.
The estimated Rs 500-crore Wagh Bakri brand has a strong foothold in the United Kingdom, he said.
“Exports account for less than five per cent of our total revenue. The target is to have 10 per cent of our balance sheet from global sales within the next 3—4 years,” Mr Desai said.
The decade old Gujarat based tea brand also has a considerable presence in countries like Australia and North America.
Speaking about the domestic expansion plans, Mr Desai said, “We are looking at taking our Wagh Bakri Tea Lounge concept nationally.”
The company opened a Tea Lounge in Mumbai three years ago, offering a wide range of premium tea. Also, it recently launched its product range in New Delhi.
The company, which produces close to 30 million kg of tea annually, is expected to commission a new production plant at Dholka near here within six months.