McLeod Russel to acquire equal stake in Eveready's tea retail arm

World's largest tea producer to foray into tea retail business with JV deal involving Greendale India Ltd

In its pursuit of plan to enter the tea retailing business for the first time, McLeod Russel, the world's largest tea producer, will be acquiring an equal stake in Greendale India Ltd, one of the wholly-owned subsidiaries of Eveready Industries India Ltd (EIIL). Both McLeod Russel and EIIL belong to the Williamson Magor Group, controlled by the Khaitan family.

While EIIL had kept its focus on batteries and flashlights, its tea retail division, which owns a few brands, couldn't be used optimally, resulting in the under-utilisation of assets as well as the brand value of the packet tea. The battery major, hence, was