Indian firm Tata Tea recently entered into a joint venture agreement with Zhejiang Tea Import and Export Company of China, reported in businessstandard.com Tuesday.

Quoting a release issued Tuesday by Tata Tea to the Bombay Stock Exchange, the website said the agreement involves setting up a joint venture company at Economic Development Zone of Anji County, China's Zhejiang province, for manufacture and marketing of green tea polyphenols, other green tea extracts, instant tea, liquid tea concentrates and other value-added tea beverages.

The project cost is estimated at 16 million U.S. dollars be funded by a mix of equity capital and borrowings.