McLeod Russel engaged with NARCL for debt resolution, eyeing revival: CMD

McLeod Russel CMD Aditya Khaitan said the company is working with NARCL on a debt resolution plan after lenders transferred loans, with hopes of restructuring in the next quarter

With National Asset Reconstruction Company Limited (NARCL) taking over the bulk of its debt, tea producer McLeod Russel India, is working on a resolution plan that could pave the way for restructuring and turnaround.

 

Responding to shareholder queries at the company’s annual general meeting (AGM) on Friday, McLeod Russel Chairman and Managing Director Aditya Khaitan said the company was fortunate NARCL was able to take over the debt from the majority of the banks.

 

“Your company is engaging with them to come up with a resolution so that it can get back on track and then restructure itself. I am