The board of directors of Tata Tea, which met today, has approved a proposal to transfer the assets and liabilities of 17 tea estates, the regional office and associated departments at Munnar, Kerala, to a new private company being formed by a group of employees.According to a release issued to the BSE today, the board also cleared a proposal to sell/lease whole or portions of the company's other estates, including one coffee estate, in Kerala and Tamil Nadu."The directors are of the view that by restructuring the plantation operations of the company in the above manner, the company will be able to focus on the branded business and will also be protected from increasing fixed costs and volatility associated with the plantation business," the release said.
