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The valuation of Rs 340-350 per kg of McLeod Russell’s tea gardens has raised hopes of a good deal for the idle asset of Assam Company Limited. Which is conducting insolvency proceedings at the Guwahati Bench of the National Company Law Tribunal.
The valuation of Rs 340-350 per kg of McLeod Russell’s tea gardens has raised hopes of a good deal for the idle asset of Assam Company Limited. Which is conducting insolvency proceedings at the Guwahati Bench of the National Company Law Tribunal.
Sources suggest that the quality of gardens of both these companies is inherently good. However, the company’s tea estates in Assam have been in a state of neglect due to years of stress on the company’s revenue and margins. Renowned buyers like MK Shah Exports, Dhunseri Tea and Petrochem had already said that due to this neglect, Assam’s tea gardens may not grow as high as McLeod’s whose garden is in operational condition.
While the recent sale of McLeod’s Estate has set a pricing benchmark for the industry, clarity is emerging on the valuation of Horticulture Says Himanshu Shah Chairman MK Shah Exports. Which has shown interest in buying 14 tea estates of the Assam Company.
MK Shah Exports is interested in buying the assets of Assam Company, but was disqualified by the resolution professional with regard to monetary eligibility conditions.
After a series of litigations in NLTT, the company moved the National Company Law Appellate Tribunal where the hearing of the matter will be held in the next month.
Meanwhile, MK Shah Exports entered into a preliminary agreement with McLeod to buy eight high-quality orchards in the Doom-Duma region of Assam at a valuation of Rs 340 per kg. Shah asked if he was still interested in the company. We haven’t made a decision yet and we’re still researching the valuation of the garden, including its actual intangible values. Our decision depends to a large extent on the outcome in NCLAT.
Sources suggested that buyers had estimated that the valuation company’s orchards could be at Rs 275 per kg while some of them have reduced it. However, after the recent sale of 12 gardens in Assam this month, rates are expected to be 325-340 per kg which are ready to open to interested buyers.
Bhanu Pratap
Krishi Jagran
English Summary: McLeouf will now help Assam’s company to increase valuation of tea gardens Published on: 12 June 2018, 03:47 IST
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