Tata Tea has signed up a joint venture deal with Zhejiang Tea Import and Export Company of People’s Republic of China.

As per the reports issued by Tata Tea that the contract involves establishing a blended company at Economic Development Zone of Anji County, Zhejiang, PRC in order to fabricate and promote green tea polyphenols, other green tea extracts, cold and hot water soluble instant tea, liquid tea concentrates and other value added tea related products.

The 70 percent of the registered capital of the joint venture firm is possessed by Tata Tea. The estimates project cost is Rs 70 crore, which is funded by a mix of equity capital and borrowings.