McLeod Russel to sell more Assam tea gardens

In abid to pare its debt, McLeod Russel India Ltd. (MRIL) is planning to sell moretea gardens in Assam and West Bengal. According to a source, the company willsell three more tea gardens by September 2019.

"Wemay sell at least two gardens in Assam and one in Dooars," a source said on thecondition of anonymity. The MRIL now has 49 tea estates, of which 31 are inAssam. The company has been on a selling spree since mid- 2018, months after itset up a committee in May 2018 to identify the assets which could be put on theblock. As per sources, the company's debt stood at around Rs. 21,000 crore atend June 2019 and has also suffered rating downgrades. It was once the largestproducer of bulk teas in India.

It may be mentioned here that the Indian Tea Association (ITA) on Friday appealed the Centre to consider an immediate takeover of Employers' portion of contribution to Provident Fund for a period of at least 3 years.