M&A

M&A

McLeod Russel to sell 15 tea estates to Carbon Resources in Rs.700-Cr deal

BSE Disclosure   Telegraph  

Kolkata-based, publicly listed, Khaitan family-promoted tea producer McLeod Russel India has signed a binding term sheet with electrode paste maker Carbon Resources Pvt Ltd to sell a part of its tea estates for INR 700 crore. As part of the deal, the Jalan family-owned Carbon would acquire 15 gardens which are collectively capable of producing about 18 million kg of tea annually. The proceeds of the sale would be used by McLeod to reach a one-time settlement (OTS) with banks which collectively have an exposure of about INR 1,600 crore.