 "Bank moves NCLT to initiate insolvency proceedings against McLeod Russel")
One of the largest bulk tea producers in the world, McLeod Russel will focus on India and Uganda plantations after an exit from the loss-making Vietnam venture.
The company recently signed an agreement for selling its business in Vietnam to TLK Agriculture Joint Stock Company of Vietnam for $2.15 million.
The Vietnam operations were under the fold of step-down subsidiary, Phu Ben Tea Company Ltd (PBTCL), and the deal is expected to be completed by December 24.
McLeod sources said Vietnam does not have its own auction system and excess supply in Africa has had a direct bearing on prices. “It’s at the
