The promoters of McLeod, Khaitans, have been discussing a debt resolution with the lenders for a while now
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
First Published: Sep 22 2022 | 9:25 PM IST