McLeod Russel is planning to sell some of its tea estates to curb Rs 1,000 crore debt burden. In this regard, the company has inked agreement with M K Shah Exports to sell its tea estates in the Doom-Dooma region in Assam which will fetch the seller Rs 331 crore.
The sale, which cuts the company’s own production in India by 16.16 per cent, implies that its revenues will be impacted by 12.33 per cent of its annual turnover. In the last fiscal year, this company posted a revenue of around Rs 16 billion, while production from its own plantations stood at 60 million kg.
McLeod Russel India is a holding company. The company is engaged in manufacturing of tea in India.
