McLeod Russel

The agreement expresses the parties' interests in continuing exclusive discussions in the matter and does not create any legally binding obligation on any party, it added

As part of the restructuring with secured lenders, debt-laden McLeod Russel India Ltd is in the process of negotiating with "multiple investors" to monetise assets and infuse fresh capital, but these talks are still in the fluid stages and nothing has been finalised, an official with the bulk tea major said. The final third credit rating of the company, which was delayed due to the Covid pandemic, is likely to be submitted by January 10, the official said. The BM Khaitan family, the existing promoters of McLeod Russel, however, still remain hopeful of retaining the management control of the company that produces 73 million kg of tea from a few dozen of gardens mostly in Assam and also in Africa and Vietnam. "We are holding talks with several investors to monetise assets and infusion of fresh capital as part of the ongoing debt restructuring. Nothing has been finalised yet. Once finalised, the plan will be put before the board of directors and then we will be able to discuss the ...

Carbon Resources, which has recently submitted a plan to the lenders of debt-laden McLeod Russel in a bid to acquire a controlling stake in the stressed tea major, is pinning hope on its non-binding offer, a company official said on Sunday. The carbon product manufacturer had picked up a 5.03 per cent stake in McLeod Russel in September and made the Rs 1,245-crore offer for the resolution of debt of the bulk tea producer. "Bankers held a meeting with us on October 1, post our non-binding offer sent to them in September. They have asked for a detailed plan for which we have sought some data. However, bankers are yet to share that. We are waiting for their response and are hopeful about our plan," Carbon Resources finance head Mahendra Sharma told PTI. He also said the company is optimistic after the meeting with the bankers, as lenders asked for a detailed "rehabilitation" proposal for 'ailing' McLeod Russel. His comment came days after the BM Khaitan family, the existing promoters

With two rival bids, the once powerful group that owns the world's largest tea producer is in danger of losing control of its last major asset

CMD Khaitan says banks have been very supportive and have come to a conclusion on what debt restructuring resolution should be

Offer for company under debt resolution doesn't seek to exclude its promoters, the Khaitan family: Source

Carbon Resources has offered an upfront payment of Rs 1,245 crore of an estimated outstanding bank debt of Rs 1,650 crore

With a crop of 44 mkg across 31 estates in Assam and two in Dooars, McLeod is a Goliath in the world of tea. It has estates in Africa and Vietnam and its total output worldwide is 73 mkg

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The contours of the proposal are like this: of an outstanding bank debt of Rs 1,650 crore, the upfront payment being offered is Rs 1,245 crore

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The would-be acquirer makes non-binding offer to banks to settle the bulk tea producer's dues

Island nation largest orthodox tea supplier, exporting over 95% of its production, according to ICRA report

It had reported a net profit of Rs 1.04 crore in the year-ago period

Revenues from operations stood at Rs 493.86 crore in the quarter compared to Rs 498.97 crore in the same period last year

Plan will have a mix of capital infusion by promoters and recast of balance debt. McLeod owes banks Rs 1,800 cr; with unpaid interest, the total is about Rs 2,300 cr

In an industry in which more than half the production is accounted for by the small growers, analysts believe that big players may help bring production and pricing discipline

Sources close to the development said, barring a few banks, most had signed intercreditor agreement