Goodricke Group Ltd on Tuesday said it has entered into an agreement with Godfrey Phillips India (GPI) to drive aggressive expansion into its packaged tea business.
The deal will give rights to Goodricke Group on the trademarks, titles and brands associated with the tea business.
“Goodricke has acquired the following brands from Godfrey Phillips – Tea City, SC Gold, Symphony, Samovar, SC Premium, Super Cup, Rangoli and Utsav at a total consideration of Rs 20 crore,” it said in a statement.
With the expertise in manufacturing and packaging, the tea producer’s position in packaged tea will be reinforced by this acquisition.
“This acquisition will bring synergy to our branded tea business and help us integrate all channels and develop this department further,” said CEO , Goodricke, A.N. Singh.
The company is presently managing a business of 9 million kgs through the FMCG route and hopes to sustain 14 million kgs by absorbing GPI’s brands, distributions and operations.
Jammu and Kashmir, Punjab, UP , Bihar, Rajasthan, and Himachal Pradesh are some of the key markets for the company.