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Faced with political pressure from the Assam government, Tata Global Beverages Ltd has for the time being dropped its plan to sell its 41% stake in Amalgamated Plantations Pvt. Ltd, said key officials. (4-0)
Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country. (6-0)
Kolkata: India’s oldest surviving and perhaps the most prized tea company (in terms of its assets) is set to go under the hammer. Even before the information memorandum has been circulated, the 179-year old Assam Co. India Ltd has several suitors: MK Shah Exports Ltd, Warren Tea Ltd and the Dhunseri Group to name a few.
Even as the expression of interest for Assam Company India Ltd (ACIL), which is facing the insolvency resolution process under the National Company Law Tribunal (NCLT), is yet to commence, at least two tea companies have expressed an interest in bidding for the firm. Both of these firms -- Dhunseri Tea & Industries Ltd (DTIL) and Warren Tea -- have been on the lookout for acquiring tea gardens in Assam and may place bids if offered the right valuation. (4-0)
Advani Hotels & Resorts, Archies, Ashapura Intimates Fashion, Auro Laboratories, Bliss GVS Pharma, Cerebra Integrated Technologies, CHD Developers, Cravatex, Graviss Hospitality, KCP, Orbit Exports, Pee Cee Cosma Spoe, Rama Phosphates, Sat Industries, Shreyans Industries, UFO Moviez, Warren Tea and West Leisure Resorts will declare their Q2 and H1 results on Thursday.
Faced with spiraling cost of production and competition from bought leaf factories (BLF), estate holders in north India are exploring the possibility of converting a part of their plantation land for activities other than growing tea to contain falling profitability.
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