M&A
McLeod Russel to sell 3 tea gardens in Assam for Rs.89-Cr
BSE Announcement Business Standard
Kolkata-headquartered McLeod Russel India is to sell three tea estate assets in Assam to Bengal Tea & Fabrics Ltd for INR 44.79 crore, to Khona Tea Estate LLP for INR 16.76 crore, and to Jatinga Agro-Tech for INR 27.30 crore. This action is part of a debt resolution plan linked to a sanction letter issued by the National Asset Reconstruction Company Limited (NARCL).McLeod Russel operates 33 gardens in India, with 31 in Assam and two in West Bengal, in addition to six gardens in Uganda.The sales are intended to help McLeod Russel meet its obligation to pay INR 1,050 crore as "sustainable debt" to NARCL by February 15, 2029. McLeod Russel is also engaged in debt restructuring talks with other creditors, including JC Flowers ARC and IndusInd Bank.It previously sold 18 gardens for about INR 800 crore between FY19 and FY20, along with its Rwanda and Vietnam operations.
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