Mcleod Russel India Ltd. (MRIL) has entered into a memorandum of understanding (MoU) for selling four tea gardens to Luxmi Tea Company Pvt. Ltd. for ₹141 crore. This comes a day after the firm signed an MoU for selling eight Assam gardens to M.K.Shah Exports for ₹331 crore.
With a turnover of ₹88 crore, these four gardens contributed 5.6 % of MRIL’s 2017-18 turnover. MRIL said its decision on the sale was linked to the need to rationalise operations as its 67 million-kg production from own gardens was “disproportionately hea vier compared to its output from the bought leaf sector and its own subsidiaries.