Kolkata

Mr. D.P. Maheshwari, MD Jay Shree Tea & Industries, a B.K. Birla Group company, revealed plans for setting up an investment outfit which would be turned into a non-banking finance company (NBFC) soon.

The project will be carried out in phases when Parvati Tea Co. Ltd. which handles Jay Shree’s overseas tea interests, is scheduled to be merged with it and then demerged to spawn a new entity taking care of its investment portfolio. The whole process would be concluded by the end of this fiscal.

M.P. Chini Industries Ltd, the sugar-manufacturing subsidiary will also be merged with Jay Shree.