ICHITAN Group, a Thailand-based producer of bottled green tea, has secured THB1.9bn ($61m) funds from CIMB Thai Bank to expand its ready-to-drink bottled green tea production.
The funds will be used to expand bottled green tea production by an additional 400 million bottles per year to meet the increasing demand.
CIMB Thai Bank president and CEO Subhak Siwaraksa said ICHITAN Group's continuous corporate social responsibility (CSR) program is in line with the bank's policy and intention to give back to the society.
ICHITAN Group president and CEO Tan Passakornnatee said that the credit facilities will be invested in the expansion of production capacity of the factory in phase 2.
"The expansion will increase the production capacity by 400 million bottles of ICHITAN's green tea per year," Passakornnatee added.
"When including the existing production capacity, we can produce 1 billion bottles per year in total. The expansion completion is estimated in the first quarter of 2014."
