Kolkata, Oct 27 (IANS) The world’s largest tea producer McLeod Russel India expects the average tea price to go up this fiscal to Rs.135 a kilogram against Rs.110 last year, the company said here Tuesday.
“Global tea prices are trading at $3.25 or Rs.160 a kilogram so we see more upside in prices,” said company managing director Aditya Khaitan managing director after announcing the quarterly result.

An expected shortfall of 60 million kilograms in March at the beginning of the new tea season would push up prices in 2010-11, Khaitan said.

In 2005, McLeod Russel acquired Williamson Tea Assam from the London-based Magor family, which founded a partnership firm, Williamson Magor in India in 1869.

The same year, it bought Hindustan Lever’s entire stake in Doomdooma Tea Co and two years later, acquired Moran Holdings Plc of Britain.

Mcleod Russel through its wholly-owned UK unit, Borelli Tea Holdings, UK, acquired Phu Ben Tea Co of Vietnam earlier this year.

During 2009-10, McLeod expects to sell 81 million kilograms that include its output from the Vietnam gardens, as against 75 million kilograms a year ago.

The company also plans to export 29 million kilograms this fiscal, compared to 26.5 million kilograms exported last year.

Meanwhile, it Tuesday said its net profit for the quarter ended September rose to Rs.192.19 crore, as against Rs.121.73 crore it posted during the corresponding period a year ago.