Tea producer Goodricke Group Limited has acquired the tea division of Godfrey Phillips Limited for a realisation of Rs 20 crore with a view to scale up its packet tea business.
A company spokesman said the deal would give Goodricke rights on the trademarks, titles and brands associated with the tea business of Godfrey Philips.
Godfrey Philips is one the leading tobacco manufacturers in India.
The MD and CEO of Goodricke Group, A N Singh, said the newly acquired brands, such as Tea City, SC Gold, Symphony, Samovar, SC Premium, Super Cup, Rangoli and Utsav, would help Goodricke deliver on its plan of promoting tea culture across India through its packaged tea division.
"With the acquisition of these brands, the size of the packet tea business will increase from 25% to 33% and is expected to bring in revenue of Rs 100 crore," Singh told PTI
Goodricke is presently managing a business of nine million kilograms of packet tea through the FMCG route. It hopes to sustain 14 million kilograms after acquiring the Godfrey Phillips brands, its distributions and operation rights in the markets of J&K, Punjab, UP, Bihar, Rajasthan and Himachal Pradesh, the spokesman added.
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