INDIA: Tata Tea approves restructuring plan
Tata Tea is to restructure its plantation business. In a statement released to the Bombay Stock Exchange the company said it was restructuring in order to focus on its branded business and limit its exposure to increasing costs and volatility in the plantation business.
The Indian tea company has approved plans to sell or lease out its plantation business on 17 estates at Munnar in Kerala. The plantation business will be transferred to a new private company. The restructuring will also see the company sell or lease out its other tea estates and a coffee estate.
Tata Tea is India's largest tea producer by capacity.
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