Tata Tea group aims Rs 7000 cr turnover,looks at acquisition
Kolkata, Aug 8 (UNI) The Tata Tea group is aiming at Rs 7000 crore turnover in three years through focus on beverage segment and acquisition opportunities in countries like the US.
The group, presently clocking a turnover of Rs 3000 crore, had planned to accord more focus on beverage segment and evaluate growth opportunities in the flavoured tea and speciality tea segment, Tata Tea Ltd's Vice-Chairman R K Krishna Kumar told reporters after the annual general meeting here today.
'' Our ambition is to acquire companies, which are bigger than Tetley. We are looking at two to three companies at present, '' he said.
On the possible geography the company was targetting, Mr Krishna Kumar said, '' We are looking at countries like the US since the products could be taken to other geography like Russia and China. '' To a question on whether Tata Sons would increase its holding in Tata Tea, Mr Krishna Kumar said, '' There is a need to increase holdings in group companies but the Tata group is not scared of hostile takeover moves. '' He indicated that the Tata group's holding in Tata Tea would be raised in due course of time.
On the cross holdings in the Tata group, he said, '' The cross holdings will be restructured in due course. In certain areas the cross holdings will remain for strategic reasons. '' Earlier, Tata Tea Chairman Ratan Tata said the group was restructuring its North India operation.
He said the Tata Group was keen on increasing stake in Tata Tea.
He indicated that the group would be evaluating various options like creeping acquisition while raising its holding.
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