Goodricke parent keen to hike stake to 100%

UK-based shareholders, who already control 74% stake in tea major Goodricke Group, is keen to raise it to 100% once the government allowed 100% foreign direct investment (FDI) in the sector.

Peter A Leggat, chairman of Lawrie Plantation Services and also the chairman of Goodricke, said today that UK shareholders were keen to make the Indian firm a wholly-owned subsidiary.

"We are waiting for the appropriate policy decisions to be in place first after which the stake can be hiked," Leggat said.

The company is planning to move court against the West Bengal government's demand to pay salami for renewal of expired land leases.

K S David, MD & CEO of Goodricke, said the state government was seeking a salami of Rs 9,000 per hectare for renewal of leases.