Goodricke looking to buy tea gardens in Africa

April 12th, 2011 - 8:01 pm ICT by IANS  

Kolkata, April 12 (IANS) Goodricke Group Ltd is looking to acquire tea gardens in African countries, a top company executive said Tuesday.

“Apart from domestic acquisitions, the company is also looking into possibilities in African countries. Wages are almost half there and it is much cheaper to buy gardens in Africa,” Arun N. Singh, managing director and CEO of Goodricke, told reporters here.

He said the company is open to acquiring more gardens in Assam. “It already has two gardens, including in Nonaipara and Orangajuli in Darrang district of Assam, accounting for almost 15 percent of its total owned crop. It is open to buying more gardens in the state.”

On the tea prices, he said CTC (crush, tear, curl) tea market had been firmer during the last two sales, registering an increase of Rs.10 per kg.

“Kenyan production is likely to be down by 10 percent this year. Besides, production in Sri Lanka is also down from the expected levels. This will help to keep the market firm in the future,” Singh added.

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