Mcleod Russel India’s wholly owned subsidiary - Borelli Tea Holdings, has agreed in principle to sign a Share Purchase Agreement (SPA) with LAB International, UK for acquisition of its 90% shares held in Pfunda Tea Company, Rwanda, engaged in tea plantation and manufacturing activities for the aggregate sum of $19.5 million.
On completion of the deal in terms of the SPA, Pfunda Tea Company will become a step-down subsidiary of the company.
Mcleod Russel India is the largest tea producing company in the world. In July 2005 McLeod Russel acquired Borelli Tea Holdings from the Magor family based in England and took over the 17 tea gardens of its Indian subsidiary Williamson Tea Assam. McLeod Russel is the largest tea exporter from India with a strong customer base in United Kingdom and Europe.
