Mumbai, October 03, 2008 - Tea producer McLeod Russel India Ltd said on Friday its unit has agreed to buy Vietnam's Phu Ben Tea Company for $2 million.
McLeod's unit, Borelli Tea Holdings, will also have to arrange a bank guarantee to secure repayment of inter company balance of $5.01 million granted by the seller, SA SIPEF NV of Belgium, to the Vietnamese company, it said.
The balance will be paid by Phu Ben within three years, it added.