Endgame at McLeod Russel amid risk of losing control of last major asset

With two rival bids, the once powerful group that owns the world's largest tea producer is in danger of losing control of its last major asset

The dust had just settled on the transition at the country’s largest dry cell battery maker, Eveready Industries India. The control passed from the Brij Mohan Khaitan group, to the Burman family — promoters of Dabur India — in July. And the storied business house of Kolkata was focused on thrashing out a debt resolution plan with the banks to save its lone crown jewel, McLeod Russel India, the country’s largest bulk tea producer and one of the world’s largest.
 

As the debt resolution process dragged on, Suresh Jalan-owned Carbon Resources Private Ltd entered the scene. The relatively under-the-radar company,