Dhaka, Feb 6 (BDNEWS) – The British-owned James Finlay Ltd, the producer of Finlay brand of tea, has sold out its tea estates and factories in Bangladesh to local businessmen for Tk 280 crore.
Company sources in Dhaka said the handover is expected to take place Tuesday at Srimangal under Moulvibazar district.
"A total of eight businessmen having tea gardens and ship breaking businesses bought the stakes of the Finlay," Firoz I Ahmed, branch manager of James Finlay Ltd.'s Dhaka office, told BDNEWS.
But he declined to disclose the details about the buyers.
The Consolidated Tea and Lands Company (BD) Ltd. and Varaura Tea Co started cultivating tea in Sylhet area in 1860. James Finaly Ltd. of Britain was the managing agent of these two tea-manufacturing companies for over 100 years. In 2000, ownership of the company was handed over to the Swear Group of Britain and now to local entrepreneurs.
James Finlay has 17 tea estates on 16,000 hectares of land and seven factories in Habiganj and Moulvibazar districts, company sources said.
Annual tea production from these gardens are about 1.3 crore kilograms per year.
Shafique A Chowdhury, head of James Finlay's Bangladesh operations, could not be reached for comment.
BDNEWS/1842 hrs.
