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Pitigala Athukorala Group’s tea factory achieves record-breaking price at auction

Pitigala Athukorala Group’s tea factory achieves record-breaking price at auction

Daily FT: The tea factory under the Pitigala Athukorala Group clinched the highest price for a kilo of FBOPFEXP tea at an auction held on 6 March 2024.
The offer conducted online in Colombo under auction number 10, saw the Athukorala Group Super brand fetch top dollar. The successful bid was made by Uni World Teas Ltd. through a sale facilitated by Lanka Commodity Brokers.
“The achievement underscores the commitment of the Pitigala Athukorala Group to excellence in tea production and marketing,” Pitigala Athukorala Group Chairman and Managing Director Anura Athukorala said.
The tea factory, operating under stringent quality standards certified by ISO 22000:2018/HACCP, has consistently aimed to elevate the reputation of Ceylon Tea globally. Renowned for its dedication to quality, the company has garnered numerous accolades for its exceptional teas.
Athukorala explained the company’s focus on promoting artisanal tea production. “By prioritising quality and innovation, the group aims not only to secure premium prices for local leaf suppliers, but also to contribute to tea-related tourism activities,” he elaborated. He added that the company continues to prioritise excellence, innovation and sustainability in its operations, ensuring the continued success and growth of Sri Lanka’s tea industry on the global stage.

OSL take:
Sri Lanka’s tea industry is one of the key export crops that bring in a revenue to the country. There has been much focus on further developing the country’s plantation industry. The incentives offered to businesses engaged in the plantation industry and the land availability for replanting or new plantations, serve as attractions for foreign businesses/investors to explore opportunities in the tea industry as well. The increase in the prices of tea produced in local estates, which has been a trend during many months, is indicative of the growing business potential in Sri Lanka’s tea industry. Also, Sri Lanka’s existing trade ties and the new trade agreements entered to by the country have helped boost local tea exports. Sri Lanka’s exports authorities are also focused on further improving local tea exports through promotional campaigns and further value addition of teas and tea based products. Given the growing trend in Sri Lanka’s tea industry, foreign businesses/investors could confidently explore the expanding opportunities in the industry.

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Article Code : VBS/AT/20240319/Z_4

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