Mcleod Russel’s arm to acquire 75% stake in Olyana

The tea plantation company, Mcleod Russel India has said that Borelli Tea Holdings, the UK-based wholly owned subsidiary of the company, is going to acquire 75% equity stake in Olyana Holdings LLC, USA, (Olyana) for $2.75 million.

Borelli Tea Holdings has signed shareholders agreement for the same, the company said in its filing with the Bombay Stock Exchange (BSE).

It further added that Olyana has signed a share sale agreement with the government of Rwanda for the acquisition of 60% shares in the Gisovu Tea Company (Gisovu) in Rwanda.

Olyana’s acquisition of the controlling stake in Gisovu, which has a tea processing factory producing around 1.7 million kg of tea annually, is in line with the long-term objective of the company.

It will explore possibilities of processing and marketing of tea of Gisovu by value addition in collaboration with the government of Rwanda.

In March this year, Borelli Tea Holdings had acquired 100% equity stake of Phu Ben Tea Company, Vietnam from SA SIPEF NV (SIPEF).