Mcleod Russel Decided To Dispose Off Its Bhatpara Tea Estate
Mc Leod Russel India Limited has decided subject to necessary approvals to dispose of its Bhatpara Tea Estate, a loss-making unit of the Company in Dooars and for the said purpose has entered into an Agreement for Sale with Voom Food Industries Private Limited of Siliguri, West Bengal.
Disclosure of the Deal:
|1||The amount and percentage of theturnover or revenue or income and net worth contributed by such unit or division of the listed entity during the last financial year.|
The required financial figures ofBhatpara Tea Estate ( 'the said tea estate') :
i) Amount of turnover: Rs.15.53 crore
ii) Percentage of turnover over the total turnover of the Company: 1.11%
iii) Net worth contribution in 2016-17: NIL
|2||Date on which the agreement for sale has been entered into.||23rd August 2017|
|3||The expected date of completion ofsale/disposal.||After the sale permission is obtained from the Government of West Bengal|
|4||Consideration received/to be receivedfrom such sale/disposal.||Rs. 13.21 Crores|
|5||Brief details of buyers and whether any of the buyers belong to the promoter/ promoter group/group companies. If yes, details thereof.|
Voom Food Industries Private Limited having its Registered Office at Siliguri, West Bengal, belongs to Chandanbari Tea Group of Siliguri. The transaction is subject to necessary approvals. The promoters of Chandanbari group has been engaged in tea processing, packaging and marketing business for around 30 years who intend to make the appropriate investment in the said tea estate to make it viable in the future.
The buyer does not belong to thepromoter or promoter group of the Company.
|6||Whether the transaction would fall within related party transactions. If yes, whether the same is done at "arms length".||NA|
|7||In case of a slump sale, indicativedisclosures provided for amalgamation/merger, shall be disclosed by the listed entity with respect to such slump sale.||No Amalgamation or merger will take place in relation to the proposed transaction|