M K Shah Exports approaches McLeod Russel India lenders with counter offer

Carbon Resources has offered an upfront payment of Rs 1,245 crore of an estimated outstanding bank debt of Rs 1,650 crore

M K Shah Exports, one of the largest orthodox tea producers in the country, has reached out to lenders to McLeod Russel India (MRIL) with a proposal.

The move comes days after Carbon Resources, which is into manufacturing of input materials for ferro alloys, steel, and aluminium industries, sent a non-binding letter of intent (LoI) to McLeod bankers to settle dues and take a controlling stake in the tea producer. It also acquired a 5.03 per cent stake in the company from the open market.

Himanshu Shah, chairman of M K Shah Exports (MKSEL), told Business Standard: “We have sent a letter