Ahmedabad, Feb 5 (PTI) Packaged tea manufacturer WaghBakri Tea Group today said it was looking to foray into newmarkets like Africa and Middle East.
"Our tea exports have increased by 20 per cent this year.
We are exploring the possibility of launching our range in themarkets of Africa and Middle East," said Parag Desai,Executive Director of the group here.
"We are in the premium tea segment and primarilyexporting to developed countries presently," he said.The estimated Rs 500-crore Wagh Bakri brand has a strongfoothold in the United Kingdom, he said.
"Exports account for less than five per cent of our totalrevenue. The target is to have 10 per cent of our balancesheet from global sales within the next 3-4 years," Desaisaid.
The decade-old Gujarat-based tea brand also has aconsiderable presence in countries like Australia and NorthAmerica.
Speaking about the domestic expansion plans, Desai said"We are looking at taking our Wagh Bakri Tea Lounge conceptnationally."
The company opened a Tea Lounge in Mumbai three yearsago, offering a wide range of premium tea. Also, it recentlylaunched its product range in New Delhi.
The company, which produces close to 30 million kg of teaannually, is expected to commission a new production plant atDholka near here within six months.