Bulk tea producer McLeod Russel,
a part of the Williamson Magor group, today said it would draw
up strategy to become asset-light, would sell its marginal
loss making gardens and expand purchase of bought leaf.
Vice-chairman and MD of McLeod Russel Aditya Khaitan
told shareholders at the company's AGM that the idea behind
disposing off marginal gardens was to pare debt.
He said the company would assess the gardens on the
basis of which the sell-off decision would be taken.
"We want to bring down interest costs and be asset
light", he added.
In the last seven to eight years, the company
purchased around 18 to 20 million kilograms of bought leaf
from the unorganised sector.
Cash received from selling the tea estates would be
used for making long-term investments, Khaitan said.(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)