Eveready to form JV with McLeod Russel for packet tea business

Deal, to be finalised in a month, will help make the business vertical profitable

Kolkata-based Eveready Industries is in talks with the world's largest tea producer and its group company, McLeod Russel to form a joint venture to grow its packet tea sales volume from the current 4,000 tonne to 10,000 tonne over the next 3-4 years.

This move, according to Eveready Industries' managing director, Amritanshu Khaitan, would help make this business vertical profitable.

"The finer points of this joint venture are yet to be worked out. Initially, we will form a subsidiary for the tea business and then form a special purpose vehicle to turn it into a joint venture. We'll come to an arrangement