M K Shah Exports has offered to buy the tea estates of McLeod Russel India as part of a proposal to the company’s lenders.
M K Shah, one of the largest tea producers in India, last week sent a non-binding letter of intent (LOI) to the lenders indicating an interest in acquiring some estates of McLeod Russel for up to Rs 550 crore..
A debt resolution for McLeod Russel is under discussion between the promoters (Khaitans) and banks. M K Shah’s offer is aimed at aiding the resolution. “The broad contours are that M K Shah is interested in the plantations and not interested in a hostile bid,” a source close to the development said.