Kolkata, June 6 (IANS) After signing a pact with M.K Shah Exports to dispose eight tea gardens, world’s largest tea producer McLeod Russel India on Wednesday inked an MoU with Luxmi Tea Company for disposing of four tea gardens in Assam at a consideration of Rs 141 crore.
Announcing the measure in a regulatory filing, te tea producer has decided to dispose of its Moran, Lepetkatta, Attabarrie and Sepon tea estates.
These gardens contributed Rs 88 crore to its turnover in the last fiscal, which was 5.6 per cent of its last year’s revenue.
The tea producer on Tuesday had signed an MoU with city-based M.K Shah Exports Ltd to dispose of eight tea gardens in Assam for a consideration of Rs 331 crore.
Notably, the company had earlier proposed to utilise the sale proceeds in repayment of certain high interest bearing debts, for buying back its own shares from the shareholders of the company to the tune of Rs 100 crore and also making investment for diversification into packet tea business.