The Hindu : Business : McLeod plans tourism, biotech ventures

Online edition of India's National Newspaper
Friday, Sep 02, 2005

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Business

McLeod plans tourism, biotech ventures

Special Correspondent

Open offer proposal awaits SEBI nod

KOLKATA: McLeod Russel India Ltd. is now set to emerge as India's largest producer-exporter Chairman, B. M. Khaitan, said.

Addressing shareholders at the company's annual meeting, he said total exports by Williamson Tea Assam (WTA), which it acquired in June this year, and McLeod Russel together was expected to touch 22 million kg this year. Following this acquisition, McLeod Russel now has 45 tea estates in Assam and North Bengal with an annual output of about 60 million kg.

The Managing Director of the company, Aditya Khaitan, told reporters later that the open offer proposal to pick-up up to 20 per cent share in WTA was still awaiting Securities and Exchange Board of India (SEBI) approval although the company has already deposited Rs. 42 crore with Standard Chartered Bank towards this. "The open offer is yet to start," he said.

Plans were afoot to introduce tourism and biotechnology at the company's low-lying areas within the gardens. Institutes in Hyderabad and Chennai were now studying the feasibility of the biotechnology venture while the tourism venture would begin with a pilot project in Tezpur in Assam, which was close to the airport and the Kaziranga National Park.

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