MoU16 Apr 2025, 09:34 pm
Goodricke Group Ltd Executes Non-Binding MoU for Sale of Leesh River Tea Estate
AI Summary
Goodricke Group Ltd has executed a Non-binding Memorandum of Understanding (MoU) with SOMBARIA AGRI PRODUCTS PRIVATE LIMITED for the proposed sale of Leesh River Tea Estate. The MoU was approved by the Board of Directors and is non-binding in nature. The transaction is expected to be completed by 31st May, 2025, with a consideration of Rs. 26,50,00,000 exclusive of applicable taxes. The Leesh River tea estate contributed 3.43% of the total turnover of the Company during the last financial year, fetching an average annual own crop of 9.10 lakh Kgs of tea. The buyer, SOMBARIA AGRI PRODUCTS PVT LTD, does not belong to the promoter/promoter group or group companies.
Key Highlights
- Goodricke Group Ltd executes a Non-binding MoU with SOMBARIA AGRI PRODUCTS PRIVATE LIMITED for the sale of Leesh River Tea Estate
- The transaction is expected to be completed by 31st May, 2025
- The Leesh River tea estate contributed 3.43% of the total turnover of the Company during the last financial year
- The buyer, SOMBARIA AGRI PRODUCTS PVT LTD, does not belong to the promoter/promoter group or group companies
- The MoU is non-binding in nature and the execution of a definitive agreement for the said transaction is subject to the completion of satisfactory due diligence and receipt of necessary approvals