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Centurion Bank takes 26 pc in tea portal

Our Bureau

MUMBAI, Aug. 10

CENTURION Bank Ltd has acquired a 26 per cent stake in teauction.com, a B2B portal, for a consideration of Rs. 11 crores.

The portal is aimed at catering to needs of the domestic as well as international tea markets. The company currently manages sales of between 90,000 to 1.2 lakh kg of tea per week.

The company is also in negotiations with venture capitalists of the US with the aim of undertaking a wide range of new programmes catering to industry segments.

Centurion Bank intends to finance and fund transactions on the site, to the tune of Rs. 200 crores. It also plans to provide an exclusive payment gateway to the auctioneers as well as the buyers.

``This move reinforces the bank's commitment to enhance convenience and spur productivity and efficiency. The tea market is growing exponentially and with our association with teauction.com, we are convinced that the industry will see more of such tie-up s'', said Mr. M.J. Subbaiah, Managing Director of the bank.