Sambit SahaCalcutta: McLeod Russel, the largest tea planter globally, has made a formal announcement to sell gardens in Assam and Dooars to pare debt. McLeod's board approval for the sale came a fortnight before the financial bid for bankrupt Assam Company closes. Nine entities have initially showed interest for Assam Company gardens, which produce 10 million kg. He said the interest for Assam Co underscored the fact that there are many buyers for tea gardens. By paring Rs 500 crore debt, McLeod is expected to save Rs 60-70 crore annually.

Source: The Telegraph May 30, 2018 20:03 UTC