Tea producer Goodricke Group on Wednesday said it has acquired eight tea brands of Godfrey Philips India (GPI) for Rs 20 crore as part of its expansion of packaged tea business. The deal will mark GPI's exit from the packaged tea business.
Goodricke Group, under the deal, will have rights on trademarks, titles and brands associated with the tea business, the company said in a statement. The brands acquired are Tea City, SC Gold, Symphony, Samovar, SC Premium, Super Cup, Rangoli and Utsav.
"This acquisition will bring synergy to our branded tea business and help us integrate all channels and develop this department further," Goodricke Group CEO and MD AN Singh said.
The producer of Darjeeling tea, Goodricke Group is a constituent of Camellia Plc. UK a global conglomerate which is into agriculture, engineering, financial services and food distribution.
The sale is in line with Godfrey Phillips' decision to exit the packaged tea business which contributed less than 3 per cent of the gross turnover of the company, Godfrey Phillips said.