Mumbai: Tata Tea Ltd will divest 29 per cent of its 49 per cent stake in Amalgamated Plantation Pvt Ltd, the demerged subsidiary, to its plantation workers in Assam and West Bengal within six months.

Speaking at the annual general meeting of Tata Tea, chairman Ratan Tata said the company is also looking at more acquisitions overseas as it matures from a bulk producer to a global beverages brand.

While the sale of the Energy brand and transfer of the north Indian plantation division were important developments, he said, ''Looking forward we will make acquisitions, mergers and investments which have strategic value anywhere in the world to develop different beverage formats.''

''At present we have 42 brands in 45 countries," he added.

''It may take some time to register that we have moved out of plantation business and are an FMCG company. We'll have to make some efforts on this,'' Tata said.

Over the years, Tata Tea and its subsidiaries have transformed into a branded beverages group with a consolidated turnover of Rs4,432 crore, of which 90 per cent is being contributed by the group's worldwide branded tea and coffee business.

''Amalgamated Plantation will eventually be majority owned by the workers themselves and Tata Tea will bring down its stake to 20 per cent,'' company vice chairman Ranjit Barthakur said on the sidelines of the annual general meeting of the company.

Barthakur-promoted Globally Managed Services Ltd is a co-promoter of Amalgamated Plantation with a 13.5 per cent stake in the company. Infrastructure Leasing & Financial Services and International Finance Corporation are the other shareholders in Amalgamated Plantation Pvt Ltd.

Reports, quoting former CEO of Tata Group company Indian Hotels Ltd, R K Krishnakumar, meanwhile, said Tata Tea is looking for outright acquisitions or strategic alliances.

The company, he said, is looking for acquisitions in the US and Russia. Tata Tea, he said, is looking for buys of around $500 million.

Tata Tea has recorded its highest ever turnover and net profit at Rs 1,263 crore and Rs 313 crore, respectively, Tata said. The company had also declared a total dividend of 350 per cent in 2007-08, chairman he said at the company's AGM.