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Assam Company aims to scale up tea sales

Kolkata, Oct 11 (IANS) Tea and coffee producer Assam Company Ltd is aiming at increasing annual tea sales to Rs.1.55 billion in 30 months, said a senior company official.

Wednesday, October 11, 2006 | 1:56:28 PM IST (+05:30 GMT)
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Kolkata, Oct 11 (IANS) Tea and coffee producer Assam Company Ltd is aiming at increasing annual tea sales to Rs.1.55 billion in 30 months, said a senior company official.

The company's current level of sales stands at around Rs.1.3 billion, Chief Financial Officer Abhay Chawdhry told reporters Tuesday.

The company also hopes to double revenue from tea exports and brands to Rs.700 million by then, Chawdhry said.

'We will export around six million kg within that period,' he said.

Lack of supplies owing to drought in Kenya, the world's leading exporter of black tea, would help in growth of exports, Chawdhry said.

This apart, company also plans to invest Rs.220 million in the next 18 months to launch brands in India and export tea to Russia, the official said.

Meanwhile, the company, a member of the Duncan-Macneill Group, has submitted bids under NELP VI for 2 blocks in the Assam-Arakan basin.

The bids are under consideration of Directorate General of Hydrocarbons (DGH).

'We are ready to invest around $100 million over the next two-and-half years in the project,' Chawdhry said.

Chawdhry said the company plans to raise $40 million from private placement, while the remaining $60 million would be raised from external commercial borrowings.

Copyright : Indo-Asian News Service
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