Tea producer Mcleod Russel India today said its UK-based group firm has acquired a 75 per cent stake in Olyana Holdings LLC for $2.75 million (nearly Rs 13 crore).

Borelli Tea Holdings Ltd, a wholly-owned subsidiary of the company, has signed a shareholders agreement to acquire 75 per cent stake in the US-based tea producer Olyana Holdings, Mcleod Russel said in a filing to the Bombay Stock Exchange.

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Meanwhile, Olyana has signed a share sale agreement with the government of Rwanda for acquisition of 60 per cent share in Gisovu Tea Company, it said.

Gisovu has the same line of business as of Mcleod Russel India. Olyana's acquisition of controlling stake in Gisovu Tea Company is a long term basis with an objective of developing its plantation, manufacturing and marketing activities to be globally competitive, it added.

Shares of Mcleod Russel India were trading at Rs 176.65 on the BSE, down 1.97 per cent from the previous close.

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