Tata Global Beverages Ltd (TGBL) signed a letter of Intent (LOI) with Tata Steel Special Economic Zone Ltd, owned by Tata Steel Ltd, for installing a new tea packaging unit in Gopalpur Industrial Park, Odisha.
The investment for setting up this new unit at Tata Steel Special Economic Zone is anticipated to be around Rs 100 crore.
The unit will be used for manufacturing and storing tea, as well as warehousing all products of the company, including its associates, subsidiaries and joint-venture firms.
The scalable capacity of the new plant is anticipated to be 36 million kgs per annum. The unit is scheduled to be operational by 2020, post all regulatory and statutory clearances.
On 12 November 2018, the above LOI was exchanged during the “Make in Odisha” conclave in Bhubaneshwar, Odisha.
Meanwhile, the stock of Tata Global Beverages were trading at Rs 218 per piece on BSE, down by 0.86%.