Tata Tea Enters Into Joint Venture Agreement With Zhejiang Tea

Tata Tea Ltd has informed that the Company on May 08, 2007 has entered into a Joint Venture agreement with Zhejiang Tea Import and Export Company Ltd of Peoples Republic of China. The agreement involves setting up a joint venture Company at Economic Development Zone of Anji County, Zhejiang, PRC for manufacture and marketing of Green Tea Polyphenols, other green tea extracts, cold and hot water soluble instant tea, liquid tea concentrates and other value added tea beverage products. The Company will own 70% of the registered capital of the joint venture Company. The project cost is estimated at Rs 70 crores to be funded by a mix of equity capital and borrowings.