 Mumbai:
Tata Tea subsidiary, The Tetley Group, will acquire a
33-per cent stake in South African tea company Joekels
Tea Packers, the third-largest tea company in South Africa.
The
Tetley Group has signed an agreement with Joekels Tea
Packers for picking up the minority stake in it, Tata
Tea said in a communique without disclosing financial
details of the acquisition.
Under
the agreement, Joekels will have marketing rights for
Tetley products in South Africa, Namibia, Botswana, Lesotho
and Swaziland.
"This
acquisition is yet another development in our plan to
grow the Tata group''s tea business around the world. It
establishes a presence for Tetley in South Africa and
some of its neighbouring countries," Tetley Group
executive vice chairman and CEO and director
of Tata Tea, Ken Pringle, said.
Joekels,
owned and run by Jonathan Kelsey and Joe Swart, has a
five per cent value share of the South African market
and turnover of $5 million, Tata Tea said in the release.
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