History of Tata Tea Ltd.
1962
- The Comp. was incorporated on 18th October, as a private limited company & was converted into a public limited Comp. on 8th May, 1963. The Comp. Cultivates tea, coffee, cardamom, etc., plantations and manufacturing, selling & exporting instant tea & blended and packeted teas. It has a factory at Munnar [Keralas] for manufacture of instant tea & blending & packaging factories at Bangalore [Karnatakas] & Naine, Allahabad [U.P.s].
- The Comp. was set up in technical & financial collaboration with James Finlay and Co. Ltd., Glasgow, U.K. The technical & financial collaboration agreement expired on 1971.
1968
- The Company operations were adversely affected by heavy development expenses incurred towards marketing & production of instant tea by the green leaf process, a hitherto untried commercial process but one with immense possibilities.
1971
- 50,000 shares in May 1863 were issued, & 94,00 shares, Rs 87.50 per shares paid-up, in Dec. 1963. 6,000 shares issued without payment in cash in Oct. 1964.
1976
- The ownership structure of some of Finlay Tea Associates was reorganised with the effect that The Amalgamated Tea Estates Co. Ltd., became a wholly owned subsidiary of James Finlay while the Consolidated Tea & Lands Co. [Indias] limited The Anglo American Direct Tea Trading Co. Ltd., became wholly owned subsidiaries of McLeod Russel and Co., Ltd. The Kannan Devan Hills Produce Co. Ltd., were owned in equal shares by James Finlay & McLeod Russel and Co. Ltd.
1977
- The allotment to the Finlay Tea Associates by Comp. of Rs 19,80,000 No. of equity shares of Rs 10 each at par credited as fully paid-up & the balance amount of Rs 9.52 crores was retained as unsecured loans carrying simple interest at the rate of 5% per annum from 1st January, 1976.
- 26,00,000 shares offered at par to the public during June.
1979
- 20,00,000 Bonus shares issued in prop. 1:3.
1982
- James Finlay & McLeod Russel sold all their equity holdings to Tata Industries Ltd., on 1st December. Tata Industries in turn, offered the entire lot of 3.2 million shares at par to the present Indian shareholders of Comp. in the proportion 2:3.
- Upon the Change in the Shareholding of Company, the name of the Company was changed from Tata-Finlay Ltd., to Tata Tea Ltd.
1984
- The Comp. formed a 100% subsidiary investment Comp. under the name & style of Bambino Investment & Trading Co. [Pvt.s] Ltd.
- The Comp. issued & allotted 10,00,000-15% non-convertible debenture of Rs 100 each on rights basis. These debentures are redeemable at a premium of 5% on 31st March 1992. The redemption date was extended & the debentureholders were given the option to receive redemption proceeds on 31st March 1992 or extent upto 31st March 1999 at the rate of interest of 17.5%.
1986
- The Comp. Incorporated was established in the U.S.A., as a 100% subsidiary of Comp. by acquiring the instant tea processing facilities of Tritea Incorporated, Florida, U.S.A.
- 42,05,130 shares allotted in conversion of 13.5% debs. [25,23,078 share on 1.7.1986 at par & 16,82,052 shares on 1.7.1987 prem. Rs 25 per shares].
1988
- The Comp. had been acting as agents in Mumbai, Calcutta & Delhi for P and O Containers limited [P&OCLs], a foreign shipping line. During the year P&OCL expressed its desire to control its own agency affairs in India. An agreement was reached with P&OCL to transfer the shopping agency affairs to a new Comp. floated by them with effect from 1st October, 1989.
- 48,82,052 Bonus shares issued in prop. 2:5.
1989
- During the year, a new blend under the name of `Prestige' was launched. The Comp. started a buttom mushrooms production plant in Kerala.
- On 20th October, Tata Tea limited with a view to acquire majority holding made an offer to purchase CCL equity shares held by its resident Indian shareholders [80%s]. For every 2 equity shares of CCL of the face value of Rs 10 each, TTL offered 1 of its equity share of the face value of Rs 10/- plus a sum of Rs 100 in cash. As per this scheme, till the end of February 1991, 19,92,573 No. of equity shares of TTL were allotted to resident Indian shareholders of CCL. Share upto a maximum of 22,902 may have have to issued to those whose certificates reached/yet to reach TTL thus total not exceeding 20,15,475 shares.
1990
- The new unit 'Tata Spices Centre' set up at Cochin, in the previous year & exporting non-traditional products such as prices, cashew and marine products also contributed to the improved performance. A new brand of polypack 'Brahmaputra' was launched, containing a blend of Assam teas & there were well received in the market.
- The Comp. privately placed with financial institutions 14% non-convertible debentures of Rs 15 crores. These debentures are redeemable at a premium of 5% on 17.9.1997.
- During the year, a range of flavoured teas were developed which were being produced on a commercial scale both for domestic & exports market. Other products developed were decaffeinated black tea and instant tea, organic tea & medicinal oils.
- Consolidated Coffee limited alongwith its 100% subsidiaries, namely Veerarajendra Estates limited & Conscofe Investments Ltd., became subsidiaries of Company.
- In the Development of Haldia Petrochemical Complex at Haldia, Rs 3,000 crores joint venture, W. Bengal Government through its Industrial Development Corporation was to hold 26% of share capital & the Company with its associates was to hold 24.99% in the capital. A letter of intent was received on 10th August.
- Tata tea have been growing medicinal plants with a view to seeking entry into Ayurvedic medicines. Rallis India, limited [RILs] are the leaders in agrochenmicals & pharmaceuticals which are also used by the plantation industry.
1991
- A higher production was marred by estates in the south being affected first by frost & thereafter by severe drought conditions that persisted till April 1992. A new premium dust brand 'Chakra Gold' was launched.
- A new branch for Lloyd agency was set up at Kathmandu & the operations of NYK line business & Lloyds agency were revamped.
- The Comp. proposed to expand the capacity at Munnar tea plantation to over million lbs. per year. The Comp. proposed to set up a new instant tea plant with a capacity of 3 million lbs of instant tea powder.
- The Comp. set up a pilot plant at Munnar for production of Button Mushrooms & commenced test marketing the produce. A Spice Processing Centre in Cochin & a Medicinal and Aromatic Plant Processing Centre in Munnar were being set up based on experiments in the R&D Department.
- The Comp. proposed to establish a wholly-owned subsidiary 'Tata Tea International, Ltd.', in Jersey, Channel Islands, U.K. mainly to invest in the shares capital of joint venture companies to be set up in a number of foreign markets. A joint venture was set up in Sri Lanka called Estate Management Services [Pvt.s] Ltd., for managing 18 tea and rubber estates in Sri Lanka that were now open to private management by virtue of privatisation process initiated by Sri Lanka Government.
- The Comp. entered into an agreement with the State Trading Organisation of Iran to set up a joint venture in Iran to assist in upgrading the tea manufacturing base of Iran, modernise its processing facilities, set up packaging plant & jointly market its brands of tea in Iran.
1992
- International business division was established to consolidate export operations & to provide forays into foreign operations. The Division proposed to press ahead with its innovative methods of selling Tea to Russa, Uzbekistan and Kazakhasthan.
- The Comp. established another joint venture Comp. namely Tata Tetley limited with Lyons Tetley of U.K. with a share capital of Rs 10 crores held equally by Comp. & Lyons Tetley.
- The Comp. proposed to set up a joint venture Comp. on equal shareholding basis with Krasnodar Tea Comp. and its associates, in the name of Tata Krasnodar Industries Ltd.
- The Comp. proposed to establish an Indo-Japanese Joint venture in the name of 'Tata NYK Transport Systems, Ltd.'
- In August, the Comp. made an open offer to the shareholders of Rallis India limited for purchase of upto 29,94,995 equity shares of Rallies India representing upto 24.99% of voting capital.
- The Comp. received offer for only 24.52% & accordingly allotted 19,59,142 No. of Equity shares of Rs 10 each of Comp. as fully paid up to the shareholders of Rallies India
1993
- It was proposed to instal state-of-the-art facilities to increase production & also incorporate an advanced & environment friendly technologies.
- The Comp. has reorganised its capital structure in terms of a Scheme of Arrangement under Section 391 of Companies Act, 1956 sanctioned by High Court of Mumbai on 1st September, 1976. Prior to reorganisation the total paid-up equity capital of Comp. was Rs 1,38,25,000 of which 49.42% was held by James Finlay, The Consolidated Tea & Lands Co. Ltd., West Nile Holdings Ltd., Teith Holdings limited & Cessnock Holdings Ltd.
1994
- The Comp. entered into a joint venture with Hitachi Ltd., Japan, for setting up a joint venture in Japan. Necessary approvals were received to increase the Company stake in Asian Coffee limited [ACLs] to 55%.
- 157,79,173 bonus equity shares issued in proportion 1:1.
1995
- 12,84,338 shares were allotted in exchange for 64,21,687 No. of equity shares of Asian Coffee limited through as per offer.
- The Comp. introduced polpacks in the South & North & which were well received by segments.
1996
- In view of 50 years of independence, the Comp. jointly with consolidated coffee limited launched a synergetic scheme under the banner 'Pride of India' attracting 1.1 million direct consumers.
1997
- The Tata Tea limited its subsidiary Comp. Consolidated Coffee Ltd will mark the golden jubilee year of independence of launching 'Pride of India' celebrations from 15th January.
- Tata Tea Ltd., which was the first Comp. to introduce 100 per cent instant tea into the United States, is today the world largest exporter of instant tea to western countries with a 15 per cent share in the US market.
- The US operations are handled by Tata Tea Incorporation, a 100 per cent subsidiary of Tata Tea in Florida, set up in 1984 to touch up the product manufactured in India.
- While Tata is among the largest production capacities in the business at five million pounds, four other Indian companies contribute to the Indian exports Nestle, Tetlay, Lipton & Goodricke.
- Tata Tea, one of largest tea manufacturing companies in the world.
- Recently, the Comp. had entered a partnership with a Sri Lankan tea company to acquire tea gardens in the island nation.
- The subsidiaries of group are consolidated Coffee Ltd., Asian Coffee Ltd., Tata Tea Inc, Tata Tetley Ltd., Tata Hitachi, Tata NYK and Tata Marine.
- Tata Tea Limited has launched its popular brand, Tata Tea Premium in the twin-cities of Hyderabad & Secunderabad on Dec. 23, more than one year after its launch in the neighbouring state of Karnataka.
- Tata Tea limited is all set to explore the Pakistan market during January next, in a move to further consolidate its position as one of the global tea major.
1998
- Tata Tea is the largest integrated tea Comp. in the world with 53 estates spread over 24,500 hectares in Assam, W Bengal, Tamil Nadu and Kerala.
- The 49:51 joint venture between Tata Tea & Estate Management Service Private Limited of Sri Lanka has proved eminently successful.
- The Indian tea magnet, Tata Tea limited is all set to consolidate its coffee subsidiaries by merging three units Consolidated Coffee, Asian Coffee & Veerarajendra Estates.
- Tata Tea has entered into another joint venture with Lyons Tetley to export value-added tea bags & tea packets.
- The Comp. launched a new brand `Agni' in the economy sector aimed at the loose tea consumers & was well received in the market.
1999
- Tata Tea Ltd [TTLs], the country second largest tea Comp. with the highest number of gardens having an annual production of 64 million kg.
- The Tatas have a joint venture with the Tetley group in India, Two of Tata Tea subsidiaries-Consolidated Coffee & Asian Coffee-are major players in the Asian market, & will now spearhead the group's expansion in the coffee business.
- Tata Tea current joint venture with Tetley would cease to operate and in all probability be merged with the larger group.
- Another New brand `Lucky Cup' a premium dust variety tea was launched in selected South Indian states during February.
2000
- The Comp. will issue 75,98,000 GDSs at a price of US$9.87 per GDS which is equivalent to Rs 430 per GDS.
- The Comp. alongwith its wholly owned subsidiary, Tata Tea Inc. USA and the present shareholders of Tetley Group of UK have signed an agreement in London for acquisition of 100% of shareholding of the Tetley Group.
- In March, the Comp. acquired through a subsidiary Comp. the entire shareholding of Tetley Group Ltd., UK which has made the company a significant player in the global tea industry.
- The Comp. issued 75,98,000 Global Depository Shares at a price of US$ 9.87 per GDS which was fully subscribed.
- The Comp. & Rabobank International are jointly conducting roadshows in Mumbai & London to syndicate the Dollar 165m of senior debt facilities that has been raised to fund the acquisition of the Tetley group.
- The Comp. holds 60 million shares of Tata Tea [GBs] Ltd. representing 85.7% of paid-up share capital of Tata Tea [GBs] Ltd. and the balance 14.3% is held by company wholly owned subsidiary Tata Tea Inc.
- The Comp. has proposed to introduce an employees' stock option scheme [ESOSs].
- Tata Tea Ltd has drawn up plans to market packet tea under the newly-acquired Tetley brand in India, West Asia, the Confederation of Independent States & Russia.
- T Siganporia is to takeover as the Tata Tea managing director of the company.
2001
- Former Glaxo India Managing Director Homi R Khusrokhan will take charge as the new managing director of Tata Tea.
2002
-Tata Tea acquisition of Tetley Group is turning out to be a success & the Tatas feel 'comfortable with the acquisition'. Tetley has performed extremely well in the last fiscal. It is now number one in the UK.
-Tata Tea appoints consultancy firm BCG to guide on integration process with Tetley.
-Tata Tea relaunched Chakra Gold, its brand of premium dust tea in southern markets with improved flavour & aroma.
2003
-Tata Tea will bifurcate plantation business from branded tea business & set them as 2 separate stategiv business units.
- Mr U M Rao has ceased to be nominee director of General Insurance Corporation of India limited Appointment of Mr UM Rao as an additional non-executive director of company
-Tata Tea limited appoints Deutsche Bank as the Depository
2004
-The Chennai-based FAL Industries has seen Tata Tea making an exit from it. Tata Tea had a 5.3 per cent stake in FAL. On February 6, it sold off its holding of 2,41,659 shares through off-market spot deals.
-Sets up country first-ever tea museum at Nullathanni Estate in Munnar
-Tata tea rolls out 'Select Finest Assam' tea in UAE
-Tata Tea has appointed Sangeeta Talwar as the executive director of company
2005
-Tata Tea launches new brand `Tata Tea Agni'.
2007
-Tata Tea Ltd has informed that Mr. V Venkiteswaran, Executive Director of Comp. has ceased to be Director of Comp. with effect from January 01, 2007.
-Tata Tea Ltd on May 08, 2007 has entered into a Joint Venture agreement with Zhejiang Tea Import & Export Comp. Ltd of People Republic of China.
-Tata Tea has appointed Mr. A R Gandhi as a Non-Wholetime Director of Comp. with immediate effect.
- Tata Tea acquires 25.74% in Mt Everest.
