Tata Beverages to set-up tea unit in Orissa
The proposed tea manufacturing and warehousing unit will be located in Tata Steel's SEZ in Orissa. The investment for the tea unit is expected to be around Rs. 100 crore.
Tata Global Beverages signed a Letter of Intent (LoI) with Tata Steel Special Economic Zone Limited, which is a 100 per cent subsidiary of Tata Steel Limited, for building a tea packaging plant in Gopalpur Industrial Park of Orissa. The plant will be used for manufacturing tea and warehousing all products of Tata Beverage, its subsidiaries and JVs.
The scalable capacity of the plant is 36 million kgs per annum and is scheduled to be operational by 2020, post regulatory clearances. The total investment from both the Tata group companies for this plant is expected to be around Rs. 100 crore, which would be invested over a period of time.
Meanwhile, at 15:02 hours, the stock of Tata Global Beverages was trading at Rs. 218.60 per share, down by 0.59 per cent, while Tata Steel was at Rs. 595.00 per share, up by 0.99 per cent. The benchmark index BSE Sensex was in green at 35,188.00, up by 43.51 points or 0.12 per cent on Wednesday.