Eveready to form Joint Venture with McLeod Russel for packet tea business

Kolkata based, Eveready Industries, plans to enter into a joint venture with tea growing firm, McLeod Russel India for development of the packet tea business through a separate entity.

Eveready Industries India stated, "The company will initiate discussion with McLeod Russel India Ltd for participating in a joint venture as a strategic business partner for development of the packet tea business through a separate entity."

Both the companies belong to the Williamson Magor Group and the alliance is subject to all necessary approvals.

The joint venture, if finalised, will bring their skills of marketing and distribution to focus and develop the packet tea business.

According to the company, the alliance will enable McLeod to have direct access to the Rs 10,000 crore packet tea market.