Mcleod Russel India Approves Appointment of Whole-Time Director and Disposal of Three Tea Estates
Mcleod Russel India Ltd announced on April 27, 2026, that its Board of Directors approved a key management appointment and the execution of Memoranda of Understanding (MoUs) for the disposal of assets related to three tea estates in Assam.The Board meeting on April 27, 2026, approved the appointment of Mr. Pradip Bhar (DIN: 01039198) as an Additional Director. Mr. Bhar was also designated and appointed as the Whole-Time Director and Chief Financial Officer (CFO) of the Company for a period of three years, effective from the date of the meeting. His appointment is based on the recommendation of the Nomination and Remuneration Committee. The Company confirmed that Mr. Bhar is not debarred from holding the office of Director by any statutory authority.
In terms of professional experience, Mr. Bhar is 68 years old and possesses over 39 years of experience in the tea industry. He was appointed as Vice President & CFO in July 2019 and later elevated to Senior Vice President & Chief Financial Officer in October 2020. He brings extensive experience in cost management, accounting, and overall financial leadership, having steered the Company through critical financial and legal matters.
Disposal of Tea Estate Assets
Furthermore, the Board approved the execution of three MoUs concerning the proposed disposal of assets belonging to the Nya Gogra Tea Estate, Rupajuli Tea Estate, and Boroi Tea Estate, all situated in Assam. These disposals are intended for the part-payment of debt, proceeding according to the sanction letter issued by National Asset Reconstruction Company Limited acting through India Debt Resolution Company Limited.The MoUs were entered into with prospective buyers and the transactions are subject to due diligence and necessary approvals.
The key financial and procedural details for the three estates are summarized below:
| Tea Estate | Turnover Contribution (2024-25) | Percentage of Total Turnover | Buyer Name | Expected Sale Consideration | Expected Completion Date |
|---|---|---|---|---|---|
| Nya Gogra Tea Estate | Rs. 2,995.64 Lakhs | 3% | Bengal Tea & Fabrics Limited | Rs. 44,79,19,500/- | 30 May 2026 |
| Rupajuli Tea Estate | Rs. 1,122.04 Lakhs | 1% | Khona Tea Estate LLP | Rs. 16,76,13,540/- | 30 May 2026 |
| Boroi Tea Estate | Rs. 1,716.38 Lakhs | 2% | Jatinga Agro-Tech Private Limited | Rs. 27,30,00,000/- | 30 May 2026 |
The Company noted that the expected sale proceeds for each estate are exclusive of applicable taxes and outstanding statutory dues, and are subject to adjustments following due diligence and the execution of the definitive agreement for sale.
The disposal initiative is backed by the Sanction Letter issued by National Asset Reconstruction Company Limited (NARCL) through India Debt Resolution Company Limited (IDRCL) on April 2, 2026, which approved the restructuring of the Company's debt and subsequent sale.
MCLEODRUSS Stock Price Movement
Today, Mcleod Russel India Limited shares rallied, closing at ₹55.13 after gaining 4.99% in trading. The stock showed robust investor interest, completing the session with a total traded volume of 520,867 shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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