M K Shah offers to buy McLeod Russel's tea estates without hostile bid

Offer for company under debt resolution doesn't seek to exclude its promoters, the Khaitan family: Source

tea producer McLeod Russel

Ishita Ayan Dutt Kolkata
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.

First Published: Sep 27 2022 | 1:47 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com