Special Correspondent

KOLKATA: As part of its plans to acquire a majority stake in Grand, a branding, packing and distribution companyin Russia, Tata Tea is planning to team up with the European Bank of Reconstruction and Development (EBRD) to acquire 51 per cent of Grand.

This deal which, subject to the fulfilment of various conditions, will see the beverage group of companies enter Russia, a market where coffee is becoming increasingly popular and tea is a national beverage.

The outstanding 49 per cent will be retained by the company’s founder and long-term associate of Tata Coffee, Alexander Borisov. Mr. Borisov and his current management team will also remain with the company.