Debt-laden tea major McLeod Russel finds itself in a catch-22 after its pact with Carbon Resources fell apart.
Carbon Resources sold all its shares in Khaitans-led McLeod last Thursday after talks between the two companies on extending their exclusivity agreement did not fructify.
McLeod’s board had approved execution of the exclusivity agreement with Carbon Resources, owned by the Jalans, in January. The firm was negotiating and evaluating a mutually agreeable mechanism for it to offer a proposed one-time settlement (OTS) of its debt to lenders. Its debt stands at over ₹1,700 crore.
After the talks with Carbon collapsed, the Khaitans have reached out to tea companies to sell 13-14 of its tea estates for the proposed OTS, sources with direct knowledge told FE.
Tea makers such as Dhunseri Tea & Industries and MK Shah Exports, who are interested in buying the tea gardens, said they are studying the proposal.
Bu hikaye Financial Express Mumbai dergisinin June 19, 2023 sayısından alınmıştır.
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Bu hikaye Financial Express Mumbai dergisinin June 19, 2023 sayısından alınmıştır.
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