India-based tea producer Goodricke has announced the acquisition of the packaged tea division belonging to tobacco firm Godfrey Phillips India.
According to India Retailing, the agreement gives Goodricke Group the rights to the trademarks, titles and brands of the Godfrey Phillips tea business including the brands Tea City, Tea City, SC Gold, Symphony, Samovar, SC Premium, Super Cup, Rangoli and Utsav.
Goodricke CEO AN Singh said: “This acquisition will bring synergy to our branded tea business and help us integrate all channels and develop this department further”.
As a result of the investment, Goodricke will be able to reinforce its position in packaged tea and will see its total sales volumes increase to 14 million kg from the current 9 million kg.
The company is said to have invested 20 crore INR ($3.07 million) in the acquisition.
Source: India Retailing