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Warren Tea to exit plantations, plans expansion of IT and hotel businesses

Signs deal with Dhunseri group for the last four estates it currently owns

Tea garden workers follow social distancing guidelines while working in a tea estate, during ongoing COVID-19 lockdown, on the outskirts of Dharmanagar in Tripura. Photo: PTI

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Dhanuka, which is buying the gardens, believes a proposal from the industry to fix a minimum floor price will be accepted sooner or later

Ishita Ayan Dutt Kolkata

3 min read Last Updated : Nov 23 2022 | 8:26 PM IST

Warren Tea, which traces its lineage to the 1850s, is getting out of the tea plantation business. The Vinay Goenka-led firm has signed a memorandum of understanding (MoU) with the C K Dhanuka-promoted Dhunseri group to sell its remaining four estates in Assam.

Goenka plans to focus on more remunerative businesses in the group, such as IT and hospitality.

“We have had the plantation business since 1983 and it has been stable. But we want to focus on our IT and hotels businesses, where the return on investment (RoI) is better. So, getting out of plantations was purely a business decision,” Vivek

Topics : Tea Tea plantation Tea industry Tea producers tea markets Tea firms tea exporters tea estates Tea production Indian tea industry Assam Insolvency and Bankruptcy Code

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