 EVENTS
Pursuant to the in principle decision of the Board of Directors of the Company to monetize its tea estate/estate(s)/diversification plan of the Company, a Memorandum of Understanding has been entered into at Kolkata on 21.11.2022 with Dhunseri Tea & Industries Limited having its registered office at Dhunseri House, 4A Woodburn Park, Kolkata 700 020, West Bengal to dispose of Duamara Tea Estate to that Company for a consideration of Rs 32.95 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/ statutory obligations etc. as on the business closing hours of 31st December, 2022.
This monetization is to consolidate and strengthen its financial position including containment and optimization of liabilities including borrowings and improving the overall performance of the Company. The Company shall be venturing into new areas of tea business i.e. :
i. Retail/Consumer marketing in selected district in Northern India
ii. To carry on Tea business as a Merchant Exporters to Gulf /CIS/Eastern European Countries.
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