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Jay Shree Tea & Industries Ltd, a B.K.Birla group company, said on Friday it has entered into a consortium agreement with a Rwandan company and has put in a bid to acquire tea estates owned by OCIR-THE, Government of Rwanda.

The annual production capacity of OCIR-THE stands at 4.1 million bags and the outcome of the bid is awaited, the company said in a statement.

The Indian tea firm told Reuters earlier this month it was in talks to acquire tea gardens in Africa to boost exports.

The tea plantation firm also signed an agreement to acquire a tea factory in Assam with an annual capacity of 1.1 million kilos per annum.

The company said it had entered into an agreement with Assam Tea Corp Ltd for purchase of green leaf and operate its factory in Longai, Assam, for the new season commencing March 2010.

At 2.05 p.m., shares of the company were down 0.80 percent at 376.1 rupees in a weak Mumbai market.

 

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