McLeod to buy Moran Tea
Brij Mohan Khaitan-controlled McLeod Russel (India) is set to acquire Moran Tea Company (India), taking its total production to 75 million kg.
The acquisition would fortify McLeod’s position as the world’s largest bulk tea producer further. However, the company is still hungry for more acquisitions and may also explore Kenya for the purpose.
Aditya Khaitan, managing director, McLeod Russel, said, till March 31, Moran would be a subsidiary and then be merged with McLeod.
The move would consolidate the balance-sheet of McLeod, paving way for much bigger acquisition.
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