TATA Tea Ltd has signed a contract with Zhejiang Tea Import & Export Co to form a venture to make green-tea products in China.

The total investment of the joint venture including a factory at the economic development zone in Anji County in Zhejiang Province is about 125 million yuan (US$16.23 million), the Chinese partner said yesterday.

Kolkata-based Tata Tea will own 70 percent of the new company, leaving Zhejiang Tea to hold the remainder.

Construction will start in the second half of this year and the facility is likely to turn out 1,700 tons of green-tea products in the first three to five years from next year.

Products include tea-polyphenols that could be used in tea beverages and health care products, according to an official surnamed Li from Zhejiang Tea.

Source:佚名