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Joonktollee Tea & Industries Ltd, a listed tea plantation company, has formally acquired Keshava Plantations Pvt Ltd for Rs 27.50 crore.
Keshava Plantations owns Azizbagh Tea Estate in Assam.
Joonktollee, a Gopal Das Bangur group company, said it had completed the acquisition of 80,000 equity shares of Rs 100 each forming the entire paid-up share capital of Keshava Plantations of Chaliha family on April 5.
The two companies had signed a share purchase sgreement on December 2 last year. By virtue of completion of the aforesaid transaction, Keshava Plantations has become a wholly-owned subsidiary of Joonktollee Tea.
Joonktoollee earlier had three wholly owned subsidiaries -- Gloster Real Estates Pvt Ltd, Cowcoody Builders Pvt Ltd and Pranav Infradev Co Pvt Ltd. and one associate company namely The Cochin Malabar Estates and Industries Ltd. So far, it owned five tea estates, one coffee plantation and three rubber estate.
The profit making Kolkata-headquartered company had produced 4.75 million kg of tea, 2.31 lakh kg of coffee comprising of 88,750 kg of arabica and 1,42,192 kg of robusta and 9.19 lac kg of rubber during 2014-2015.
Around 77 per cent of the total turnover of the company in 2014-15 came from tea, 18 per cent from rubber and 5 per cent from coffee.
The Joonktoollee stock was ruling at Rs 143.40, down 4.4 per cent on BSE at 2 pm on Wednesday.
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