McLeod Russel acquires tea firm in Rwanda

Kolkata-based, McLeod Russel, the largest tea producer in India, is set to acquire 60% stake of Rwanda-based Gisovu Tea Company.

The acquisition would be done through Borelli Tea Holdings, a wholly-owned subsidiary of McLeod Russel, the company said in a statement.

“The Government of Rwanda has decided to sell 60% shares of Gisovu Tea Company to Borelli Tea Holdings. To this effect Borelli has signed a memorandum-of understanding (MoU) with Rwanda Tea Development Board and Rwanda Tea Authority, to provisionally enter into management and take control of Gisovu with immediate effect pending other formalities to be completed in due course in terms of the MoU,” the company said.