Tata Tea to divest plantation arm stake to workersAugust 23rd, 2008 - 2:12 pm ICT by IANS
Kolkata, Aug 23 (IANS) Tata Tea Ltd will divest 29 percent of its stake in demerged subsidiary Amalgamated Plantation Pvt Ltd to its tea plantation workers in Assam and West Bengal within six months, a top company official said.The divestment will bring down Tata Tea’s stake in Amalgamated Plantation from 49 percent to 20 percent, the official said.
“Amalgamated Plantation will eventually be majority owned by the workers themselves and Tata Tea will bring down its stake to 20 percent,” company vice chairman Ranjit Barthakur said Friday on the sidelines of the annual general meeting of Tata Tea Ltd.
Barthakur-promoted Globally Managed Services Ltd is a co-promoter of Amalgamated Plantation with a 13.5 percent stake in the company.
“The equity structure will be finalized within the next six months,” he said.
Infrastructure Leasing & Financial Services and International Finance Corp are the other shareholders in Amalgamated Plantation Pvt Ltd.