Mcleod Russel Approves Debt Settlement, Reappoints MD, and Disposes of Mathura Tea Estates
Mcleod Russel approved a ₹150 crore One-Time Settlement with JCF ARC, payable by June 30, 2027. Mr. Aditya Khaitan was re-appointed MD for three years from May 17, 2026. The company will also dispose of Mathura Tea Estates for ₹34.19 crore, with completion expected by July 31, 2026.
The debt settlement and asset disposal are significant steps towards financial restructuring. While positive, the full impact will depend on the successful completion of these transactions and their effect on the company's overall financial performance.
The company is actively working to reduce its debt burden through a One-Time Settlement and the disposal of non-core assets, which is a positive development for its financial health. The re-appointment of the Managing Director provides continuity.
Mcleod Russel India Limited's Board of Directors, in a meeting held on May 15, 2026, has approved a One-Time Settlement (OTS) with J.C. Flowers Asset Reconstruction Private Limited (JCF ARC) for outstanding dues. The settlement amount is ₹150 crore, payable in tranches by June 30, 2027. This follows a prior sanction from National Asset Reconstruction Company Ltd (NARCL) representing approximately 75.02% of the institutional loan.
Furthermore, the Board approved the re-appointment of Mr. Aditya Khaitan as Managing Director for a further period of three years, effective May 17, 2026. Mr. Khaitan, who has extensive experience in the tea industry and corporate restructuring, has been serving as MD since 2005.
In a significant move towards debt reduction, the company also approved the execution of a Memorandum of Understanding (MoU) for the proposed disposal of assets of its Mathura Tea Estates. This disposal is part of the debt restructuring plan with NARCL. The MoU has been entered into with a prospective buyer, Mr. Jayanta Kumar Sanyal, for an amount of ₹34.19 crore, subject to due diligence and necessary approvals. The expected completion date for the sale is July 31, 2026. The Mathura Tea Estates contributed approximately 3.00% of the company's total turnover in the previous financial year.
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