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, a Memorandum of Understanding has been entered into at Kolkata on 16th December, 2021 with Dhunseri Tea & Industries Limited having its registered office at Dhunseri House, 4A Woodburn Park, Kolkata 700 020, West Bengal to dispose of Balijan North Tea Estate to that Company for a consideration of Rs 27 Crores, subject to :
(i) The necessary due diligence shall be carried out by the Buyer in due course.
(ii) The necessary due effect shall be given arising out of net current assets/liabilities as on the business closing hours of 31st December, 2021.
This monetization process of the asset of the Company is to turn around the financial powers , reduction in finance cost, availability of adequate working capital, profit earning capability of the Company for timely payments of good suppliers/service providers and to undertake various activities in ensuing cold weather such as repairing of various machineries, procurement of capital goods, replacement of Tractors/Trailers on selection basis etc. with objective to produce better quality teas and achieve estimated crop and also to modernize and to upgrade the remaining business assets.
