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McLeod Russel announces sale of 6 more gardens

Company on a selling spree to cut costs, reduce debts

GUWAHATI: Kolkata-headquartered tea company, McLeod Russel India Ltd has decided to dispose of specified assets of four tea estates of the company in Assam and two tea estates in West Bengal.

The gardens in Assam are Addabarie Tea Estate, Dirai Tea Estate, Mahakali Tea Estate and Rajmai Tea Estate and the consideration to be received from such sale is Rs 180.70 crore.

An official communication said the execution is subject to due diligence by the proposed buyer and necessary approvals and for the sale of, the assets of the Assam gardens the company has signed a non-binding term sheet with Saffron Enclave Private Limited on Saturday.

The gardens in Dooars (West Bengal) are Chuapara and Jainti tea estates including Chuniajhora tea estate (whose teas are processed in Jainti tea estate), are being sold to Civil Engineers Enterprises Pvt Ltd for Rs 25.07crore.

McLeod Russel is on a selling spree of its tea gardens and is in its fourth tranche of sales.

The company had in a bid to rationalise production and reduce debts earlier in the year announced its decision to sell off as many as 12 tea estates in Upper Assam for Rs 472crore.

 

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