Assam Co India tea brand sets new record, gets auctioned for Rs 70,501 per kg

A specialty orthodox tea variety from Dibrugarh's Maijan Tea Estate set a new record on Wednesday, as it was auctioned for Rs 70,501 per kg at the Guwahati Tea Auction Centre (GTAC), an official said.

Two kg of the hand-made 'Maijan Golden Tips' of the Assam Company India Ltd was purchased by city-based Mundhra Tea Company for a European buyer, Guwahati Tea Auction Buyers Association (GTABA) Secretary Dinesh Bihani told PTI.

"A single line of Maijan Golden Tips was sold at Rs 70,501 per kg at the GTAC, creating a world record for any public auction in the history of Assam tea... The entire lot of 2 kg was bought... for a buyer from Belgium," Bihani said.

On Tuesday, Manohari Gold, another specialty orthodox tea variety from Manohari Tea Estate, was sold at Rs 50,000 a kg under the public auction system.

Teas were earlier sold at higher prices, but through private negotiations, he said.

"Bidding for the tea started at Rs 2,605 per kg and it was sold at a world record for specialty tea in any tea auction across the globe," Bihani claimed.

"Maijan Golden Tips is is entirely hand-made and no machines were used during the manufacturing process," Assam Company CEO Vijay Singh told PTI.

In a release, the company also said the industry should focus on production of good quality teas to spur demand, which will eventually "increase the per capita consumption... from the present 750 gm per consumer (one of the lowest in the world)."

The Assam Company is planning to produce and offer large quantities of specialty teas, the release added.

ALSO READ:Cafe Coffee Day to deleverage assets to pare debt

ALSO READ:RBI relaxes external commercial borrowing norms for corporates