McLeod Russel to buy tea estates in Uganda

• McLeod Russel India Ltd (McLeod) is set to acquire for the first time tea estates in Africa through UK-based subsidiary Borelli Tea Holdings (Borelli) UK.
• Mr Aditya Khaitan, Managing Director of the country's largest tea-producing company, said here on Wednesday that Borelli has signed a share purchase agreement with James Finlay Ltd and James Finlay International Holdings Ltd, both of the UK, for acquisition of 100 per cent of the share capital of Rwenzori Tea Investments Ltd (Rwenzori), Uganda, for a provisional consideration of $25 million.
• Borelli would be required to pay further $5 million recorded as debt in the Uganda company's books of accounts.