Kolkata-based Dhunseri Petrochem & Tea Ltd has acquired Sonaguri Tea Factory, that was earlier owned by Manas Factories Combine Pvt Ltd, Guwahati, from The Federal Bank Ltd under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests (SARFAESI) Act in India.
The acquired unit has capacity of 1.5 million kg p.a and will boost the core business of Dhunseri that has over the recent past expanded into new business lines viz. IT infrastructure and manufacturing of PET lines.
The company already has seven gardens in Assam with production of 10.4 million kg in 2009-10, making it one of the top ten tea producers in the country. Three years ago it had merged Tezpur Tea with itself and gained further scale.
Besides tea, in the petrochemical/packaging segment, the company had recently given the contract for the expansion of new PET project of 2.1 lakh TPA at Haldia. This project is expected to achieve commercial production within 21 months i.e. in 1st quarter of FY 2012-13. Its PET business under Aspet was created last year with amalgamation of South Asian Petrochemical Ltd with Dhunseri.
The company is also in the process of setting a new plant with a capacity of 4.2 lakh TPA in Egypt with a 70% stake with two Egyptian government entities holding the balance. Dhunseri also has an upcoming IT SEZ project coming up at Kolkata, that could further diversify its revenue stream. This is expected to be ready by January 2012.The company had consolidated revenues of Rs 1,153 crore with Rs 56 crore net profit for the year ended March’10.