Tata Tea has entered into a joint venture agreement with Zhejiang Tea Import and Export Company of People's Republic of China.According to a release issued by Tata Tea to the BSE today, 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.Tata Tea will own 70% of the registered capital of the joint venture company. The project cost is estimated at Rs 70 crore to be funded by a mix of equity capital and borrowings, the release added.
