Pursuant to the in principle decision of the Board of Directors of the Company to monetize certain tea estates and/or other assets of the Company, an Agreement for Sale has been entered into at Assam on 24th November, 2020 with Rupai Tea Estate LLP , a limited liability partnership having its head office at Central Plaza, 3rd Floor 41, BB Ganguly Street, Kolkata 700 012, West Bengal to dispose of Rupai Tea Estate to that Company for a consideration of Rs 22.11 Crores, subject to :
I) Necessary adjustments arising out of valuation of assets/liabilities.
II) Actual date of handing/taking of Management Control.
III) Value determination of final produce i.e. Tea yet to be produced/sold.
IV) Impact of cold weather work.
This monetization process of the asset of the Company is to turn around the financial prowess , reduction in finance cost, availability of more working capital, profit earning capability of the Company, to modernize and to upgrade the remaining business assets.
