B K Birla group company Jayshree Tea & Industries today said it would acquire tea estates in African countries Uganda and Rwanda.
In a filing with the BSE today, the company announced that Jayshree had entered into a share purchase agreement with Kijura Tea Co. Ltd in Uganda for acquiring 100 per cent shares of the company.
Kijura has a production level of 1.2 million kilogrammes per annum.
Jayshree had also entered into an agreement to form a 50:50 joint venture with Rwanda Mountain Tea SARL, which own two tea estates like Mata Tea Limited and Gisakura Tea Company Limited.
Jayshree would invest in the JV, Tea Group Investment Company Limited, through Dubai-based Birla Holdings Limited.
This venture would cost Rs 19.13 crore for Jayshree. The annual production in these to estates was 4.1 million kilograms.
Meanwhile, the board of Jayshree had decided to go for stock split of Rs 10 share into two of Rs five each.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app