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Our Bureau

Kolkata, Oct. 5

Moran Tea Company (India) Ltd became the subsidiary of McLeod Russel India Ltd, from Friday. This follows the completion of acquisition process of 15,20,000 equity shares, representing 72.38 per cent of the share capital of Moran Tea, from Moran Holdings Plc, UK. McLeod Russel had entered into an agreement on acquisition with Moran Holdings in January 2007.

With this acquisition, McLeod Russel’s equity stake in Moran Tea rises to 86.69 per cent because it has also acquired 3,00,493 shares through an open offer. McLeod Russel had earlier held two per cent equity stake in Moran Tea.

Moran Tea produces 4.2 million kg of tea annually. With this acquisition, McLeod Russel’s total production will rise to around 75 million kg annually, according to company sources.

More Stories on : Mergers & Acquisitions | Tea

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