 "Tata Global Beverages")
Tata Global Beverages Wednesday said it plans to set a new tea packaging unit with an investment of Rs 1 bn at Tata Steel Special Economic Zone in Odisha.
"The company has entered into a letter of Intent (LOI) with Tata Steel Special Economic Zone Ltd, a wholly-owned subsidiary of Tata Steel Ltd, for setting up a tea packaging unit in Gopalpur Industrial Park, Odisha," Tata Global Beverages Ltd (TGBL) said in a regulatory filing.
The aggregate investments by both the companies for setting up this new unit are expected to be around Rs 1 bn over a period of time, it added.
Tata Global Beverages Ltd said the estimated scalable capacity of the new unit is expected to be 36 million kgs per annum and it would be operational by 2020, post all statutory and regulatory clearances.
The company said the planned unit will be used for the operation of manufacturing and storage of tea and will also be used as warehouse of all products of the company, including its subsidiaries, associates and joint-venture companies.
The above LOI was exchanged on November 12, 2018, during the "Make in Odisha" conclave in Bhubaneshwar, Odisha.
Shares of Tata Global Beverages were trading 0.86 per cent lower at Rs 218 apiece on BSE.
