McLeod Russel eyeing 10 mn kg tea production in VietnamJune 3rd, 2009 - 10:59 pm ICT by IANS
Kolkata, June 3 (IANS) Aiming to more than double its production in Vietnam through its acquired company Phu Ben, the world’s largest tea plantation house McLeod Russel has sought 1,000 more hectares from that country’s government to set up more tea gardens.
Disclosing this to newspersons here, McLeod Russel managing director Aditya Khaitan said Phu Ben now produces approximately 4.5 million kgs of tea out of its three factories in Vietnam on 2,000 hectares of land.
“We have asked for 1,000 hectares more. We plan to more than double our production there to 10 million tonnes,” he said, but did not give any time frame.
The company has invested $7 million in Vietnam. “Out of this amount, we have paid $2 million. The remaining amount will be paid over three years in equal annual instalments of $1.67 million”.
Khaitan said the company had adopted a wait-and-watch policy on its plans for Kenya as the African country was going through political turmoil.
The company has, however, formed a small team to start looking for overseas assets.
Khaitan hoped that the next two-three years will be good for the company.
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Tags: 10 million, 5 million, assets, factories, hectares, instalments, june 3, kenya, kgs, kolkata, managing director, mcleod russel, political turmoil, tea gardens, tea plantation, tea production, time frame, vietnam