Corporate | Jay Shree eyes stake in African tea estates

Corporate | Jay Shree eyes stake in African tea estates

Kolkata: B.K. Birla group-controlled Jay Shree Tea and Industries Ltd is set to gain a toehold in Africa by buying stakes in three tea estates—two in Rwanda and one in Uganda—for around $7 million (Rs31 crore).

Jay Shree Tea said it would acquire a 100% stake in Kijura Tea Co. Ltd in Uganda through its arm Birla Holdings Ltd in Dubai. This garden produces 1.2 million kg of tea a year, according to R. K. Ganeriwala, Jay Shree Tea’s vice-president and company secretary.

The company has also agreed to acquire through a joint venture a 60% equity interest in two tea estates, Mata Tea Co. Ltd and Gisakura Tea Co. Ltd.

— Shutapa Paul


Bridgestone to build unit in Maharashtra

Mumbai:Bridgestone India Pvt. Ltd, a wholly owned subsidiary of world’s largest rubber and tyre manufacturing company Bridgestone Corp., has signed a memorandum of understanding with the Maharashtra government to create a new facility in Chakan near Pune to make truck, bus and car radial tyres for both the domestic and overseas markets.

The Japanese tyre maker has earmarked an investment of Rs2,600 crore for the facility.

— Shally Seth


L&T arranges funds for Kattupalli project

Bangalore: India’s biggest engineering firm, Larsen and Toubro Ltd (L&T), has tied up funds for erecting the first phase of a shipyard-cum-port complex at Kattupalli near Ennore, Tamil Nadu, costing Rs3,375 crore.

“The debt portion of Rs2,531 crore for the project has been tied up," K. Venkatesh, executive vice-president (developmental projects) at L&T, said over phone from Chennai.

L&T Infrastructure Finance Co. Ltd, a subsidiary, arranged debt for the project through a consortium of banks, he said, without naming the lenders.

L&T will contribute Rs844 crore of equity for the project.

The shipbuilding facility, billed as India’s biggest, has got environmental clearance from the Union government.

— P. Manoj


Primus to raise up to Rs75 cr via franchise

Mumbai: Bangalore-based Primus Retail Pvt. Ltd is looking to raise Rs50-75 crore by franchising its Weekender brand as it expands the number of outlets.

“We will have over 200 Weekender stores in 120 cities in the next two years—up from the current 60 stores and 40 shop-in-shops in 60 cities," said chief executive and managing director Balaji Bhat.

The firm, Bhat said, intends to increase Weekender’s contribution to revenues from 30% to 50% over the next two years.

— Sapna Agarwal