EvereadyBSE -0.50 % today said it plans to enter into a joint venture with tea growing firm McLeod Russel IndiaBSE -0.15 % for development of the packet tea business through a separate entity.
“The company will initiate discussion with McLeod Russel India LtdBSE -0.15 % for participating in a joint venture as a strategic business partner for development of the packet tea business through a separate entity,” Eveready Industries IndiaBSE -0.50 % said in a statement.
Both the companies belong to the Williamson MagorBSE -2.38 % Group and the alliance is subject to all necessary approvals.
The joint venture, if finalised, will bring their skills of marketing and distribution to focus and develop the packet tea business.
The company said the alliance will enable McLeodBSE -0.15 % to have direct access to the Rs 10,000 crore packet tea market.
