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McLeod Russel India Ltd is set to acquire the biggest private Rwandan tea plantation, producing 2.45 million kg CTC tea a year, for $19.5 million.
Borelli Tea Holdings Ltd, the wholly-owned subsidiary of McLeod, will buy out LAB International Ltd of UK, owning 90 per cent in the plantation firm Pfunda Tea Company SARL.
The remaining 10 per cent will remain with the farmer and workers’ cooperative, said a top official of the company.
Pfunda owns and operates tea estates at Gisenyi in Western Province of the central African nation. The plantation is at an altitude of between 1,700-3,100 metres. Pfunda’s geographical position enables it to produce some of the finest CTC teas in Africa.
The BM Khaitan family owned McLeod Russel, the largest tea planter of the world, already has a tea estate through Gisovu Tea Co. After the acquisition of Pfunda, McLeod Russel would account for around 25 per cent of Rwanda’s tea production.
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