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.
