Shri Vasuprada Plantations Ltd

History of Shri Vasuprada Plantations Ltd

Shri Vasuprada Plantations Limited was incorporated in 1874 under the name 'Joonktollee Tea Company Limited' to take on grant tea plantation named Joonktollee Tea Estate in Upper Assam. Subsequently, the name of the Company was changed to 'Joonktollee Tea & Industries Limited' in 1972. Again the name of the Company was changed from Joonktollee Tea & Industries Limited to Shri Vasuprada Plantations Limited on October 20, 2022. Since then, the Company acquired many tea estates and also diversified into coffee and rubber cultivation by expanding its operations in South India. The Company operates with 8 tea estates spread in Assam, Karnataka and Kerala, 1 rubber estate in Kerala and 1 Coffee estate in Karnataka. Presently, it is engaged in Manufacturing and Cultivation of Tea, Coffee and Rubber. Assam is the single largest tea growing region in the world and contributes more than half of total countries tea production. Assam has 312,000 ha of tea growing land and produces approximately 650 million kg of tea per year. Located in the midst of Western Ghats, Deccan Plateau and Kannad Coast, Karnataka is home to various forests, beaches, waterfalls, coffee plantations, lakes and all the jewels of nature. Karnataka is veritably a paradise of plantations, farms, orchards, and estates; an escape from the fuss and flurry of city life. Several high-value commercial crops such as coffee, tea, rubber, pepper, cardamom, cashew, coconut, areca nut, thrive in districts such as, Chikmaga ...lur, Hassan, Kodagu, Dakshina Kanada. The tea plantations in Kerala are a beautiful sight as the green tea bushes cover the gentile hill slopes and form a green mantle over the surface of the hills. The tea produced here has clean and medium toned fragrance of sweet biscuit in a dip malt. Kerala produces 97% of the national output of black pepper, and accounts for 85% of the natural rubber in the country. Coconut, tea, coffee, cashew, and spices-including cardamom, vanilla, cinnamon, and nutmeg are the main agricultural products in Kerala. On August 6, 1874 John Elliot Esq. promoted Joonktollee Tea Co. Ltd. to manage the affairs of a small Tea Estate in Upper Assam. The company was formally incorporated in 1900. In 1920's the Elliot Clan handed over the management and control to the managing agency of Kettlewell Bullen & Co. Ltd. Subsequently, in year 1954, the House of Bangurs acquired the Managing Agency and the Company and brought them under their fold. The name of the Company was changed to 'Joonktollee Tea & Industries Limited'. Since then, the Company has been under the management of the Bangurs. When the Bangurs took control in 1955, the total area of the Joonktollee Tea Estate, Assam was 1804.88 acres with 511.00 acres under plantation producing 3,88,178 Kgs. Growing over the years, Company's Estate now comprises of 1867.98 acres of land with 1202.82 acres under plantation. From a leading mark in the Premium Orthodox teas, the Company, changing with the times, is now regarded as one of the Best Assam CTC mark and does have an unstinted track record of the business with the brand. Its Green Teas are also one of its kinds. The Company entered the new millennium with a vision to improve its performance on all fronts with the continued support of its shareholders, workers, staff, management and above all the connoisseurs of premium teas the world over. To have a large capital base and net worth, two South India based Plantation Companies, viz. The Kalasa Tea Produce Company Limited and Cowcoody Estates Limited belonging to the House of Bangurs stood merged with this Company w.e.f. 1st April, 2001. The area of operation of the Company was enlarged and diversified, since apart from tea, the transferor Companies also deal in other plantation crops, viz., coffee, pepper, cardamom, areca, vanilla etc. With a view to consolidate the resources of the Company and to carry out the agro base activities more conveniently and advantageously with a larger asset base the Company entered into Scheme of Arrangement w.e.f. 1st October, 2006 under which a subsidiary and six other Companies merged with the Company and certain assets were transferred to other subsidiary Companies. The Hon'ble High Courts of Judicature at Kolkata, Chennai and Guwahati sanctioned the Scheme of Arrangement as per the terms consented by the shareholders and the financial results of 31st March, 2008 were prepared after giving effect of the aforesaid scheme. The Cochin Plantation Division of The Cochin Malabar Estates & Industries Ltd. comprising of Chemoni, Echipara & Pudukad Rubber Estates; Pullikanam & Kolahalamedu Tea Estates and legal proceedings of Sampaji Rubber Estates demerged from The Cochin Malabar Estates & Industries Ltd. and merged with the Company, through the Scheme of Arrangement implemented in 2012-13 and the merged was given effect from 1st April, 2011. Resulting to the said Scheme, the Cochin Plantation Division was renamed as Kerala Division. The Company acquired the Chemoni and Pudukad Estate in Kerala in 2011 to extend its product line to Rubber. The Company in 2012-13, purchased 'Shreemoni Tea Factory', Assam from M/s. Dhunseri Petrochem & Tea Ltd., having a capacity of 12 lakh kgs. of Made Tea per annum. The Company then, launched 'RANGABAM' as a new tea product made out of 'Shreemoni Tea Factory in the market. The capacity of Shreemoni Tea Factory acquired from Dhunseri Petrochem & Tea Ltd. at Dibrugarh was enhanced from 12 lacs kgs. to 17 lacs kgs. of Made Tea per annum during current year 2014-15. The Company acquired 80,000 Equity Shares of Rs 100/- each being 100% paid-up share capital of M/s. Keshava Plantations Private Limited owning Azizbagh Tea Estate at Assam. By virtue of this acquisition, M/s. Keshava Plantations Private Limited became wholly-owned subsidiary of the Company w.e.f. 5th April, 2016.