HIGH CLIFF, CROSS HILL, HOMEDALE NEW HIGH PRICES..
(article in Business Line)
NEW PRICE RECORDS CREATED AT COONOOR TEA AUCTIONS
P S SUNDAR
Coonoor, August 10
High Cliff bought leaf tea factory located in a small hamlet called Kengarai in The Nilgiris district once again created a record by fetching all-time high prices for its two grades of orthodox teas at Sale No: 31 of the auctions of Coonoor Tea Trade Association
“Both are orthodox speciality grades bought by Nisha Enterprises for ₹ 400 a kg each for export to the USA”, Ravichandran Broos, General Manager of Paramount Tea Marketing who auctioned these teas, told BusinessLine.
“This was the highest price not only in Coonoor auction but the entire South India this week for any tea, orthodox or CTC, from any factory, corporate or small-scale”, he said.
“High Cliff factory had fetched same record price for two other orthodox grades earlier. In the past few weeks, many factories have been fetching impressive prices, encouraged by such record prices”, said Broos on the occasion of 31st Founder’s Day celebrations of Paramount group on Monday.
“We manufactured these teas for ‘The Golden Leaf India Award: Southern Tea Competition’, an initiative of Tea Board and UPASI in which we bagged two coveted titles”, High Cliff’s Managing Director B Rajesh Chander said.
“This is the highest price fetched by any of our teas since manufacturing started in 1984 in our Hittakkal group to which High Cliff belongs”, he pointed out.
“This year, we have converted High Cliff factory into an exclusive orthodox tea manufacturing unit and we are glad that within seven months we could create new price records in South Indian regular auctions”, he observed.
In the CTC market, Homedale Estate’s Red Dust grade, auctioned by Global Tea Brokers, topped when Tea Service India Pvt Ltd bought it for ₹ 306 a kg – the only CTC tea to enter ₹300/kg bracket.
In the CTC Leaf auction, Cross Hill Estate’s two grades, auctioned by Global Tea Brokers, topped when Nisha Enterprises bought them for ₹ 290 and 286 a kg.
“This has created a new price record for us because these are the highest prices fetched by any of our teas in a regular auction ever since manufacturing started in our factory in 1945”, said Dr Jagdeep Raju, Director, Cross Hill Tea Factory in Aravenu, now celebrating Platinum Jubilee.
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