McLeod Russel India lenders likely to discuss Carbon Resources proposal

The contours of the proposal are like this: of an outstanding bank debt of Rs 1,650 crore, the upfront payment being offered is Rs 1,245 crore

Lenders to McLeod Russel India will meet shortly to discuss a proposal from Carbon Resources to clear outstanding debts of banks and take charge of the company.

On Friday, the Jalan family-owned Carbon Resources Private Limited sent a non-binding letter of intent (LOI) for debt resolution of McLeod Russel and acquiring a controlling stake in the country’s largest bulk tea producer.

Sources close to the development said that the meeting was likely over the next couple of days.

The contours of the proposal are like this: of an outstanding bank debt of Rs 1,650 crore, the upfront payment being offered is Rs 1,245