Goodricke Group acquires Godfrey Phillip's tea business for Rs 20 cr

Acquirer aims to grow its tea retailing business from 9 mn kg currently to 14 mn kg, expand its portfolio

Aiming to grow its tea retailing business from the current nine million kg (mkg) to 14 mkg in the near term, as well as expand its portfolio, Goodricke Group has entered into an agreement to acquire the brands of Godfrey Phillips India (GPI) for a consideration of Rs 20 crore.

The agreement provides Goodricke control of the Tea City, SC Gold, Symphony, Samovar, SC Premium, Super Cup, Rangoli and Utsav brands hitherto owned by GPI and will provide Goodricke access to over 400 distributors across Jammu & Kashmir, Punjab, Uttar Pradesh , Bihar, Rajasthan and Himachal Pradesh.

The deal gives the rights