Mcleod Russel India, a tea plantation company, has signed initial pacts to sell two estates and related assets, adding to the dozen properties it agreed to divest in June.
Mcleod Russel said it will sell the Harchurah tea estate in the northeastern state of Assam to tea producing company Goodricke Group for 31.64 crore rupees ($4.4 million) in cash.
The company will also sell the Bargang Tea Estate in Assam to Amgoorie India, a subsidiary of Kolkata-based Goodricke Group Ltd, for 59.65 crore rupees ($8.2 million) in cash.
Goodricke added that the acquisition of the Harchurah Tea Estate will expand its volume of tea it makes in Assam.