GGCL to buy Tata Tea stake in Saptarishi Agro

NEW DELHI, NOV 26: Thapar group’s Global Green Company Ltd (GGCL) intends to buy Tata Tea stake in the loss-making Saptarishi Agro Industries (SAI) as part of its growth strategy in the processed food industry. "We are already managing the company and discussions with Tata Tea are on for acquiring their 65 per cent stake in the company," GCCL chief operating officer Debashish Mitra told reporters here today.

While Tamil Nadu Industrial Development Corporation (TIDCO) has 14 per cent stake in Saptarishi, the rest is with the public. He said talks are in progress on financial details like taking over the various liabilities of Saptarishi Agro, which is engaged in mushroom farming.

Currently Saptarishi Agro has accumulated loss of Rs 18 crore upto March 1999 and has total debt of Rs 12.95 crore and equity of Rs 18.53 crore.

Mitra said as part of the expansion plan, the company has decided to acquire VST Natural Products from VST Industries.