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Eveready to sell last Darjeeling estate for Rs 2.15 cr

Our Bureau

CALCUTTA, Dec. 8

IN the third instalment of tea garden sale, Eveready Industries India Ltd today informed stock exchanges of its decision to dispose of the Glenburn estate in Darjeeling for a consideration of Rs. 2.15 crore.

The buyer is the city-based DLX Ltd, an outfit controlled by Darshanlal Anand Prakash & Sons Pvt Ltd, which owns one tea estate, Khongea, in the Sibsagar district of Assam. They had two estates in Kerala. These were sold some two years back, according to Mr. Ansuman Prakash, a director of the company.

Given that Glenburn's production in recent years was 1,20, 000 kg or so, Eveready's realisation works out to about Rs. 180 per kg.

Eveready had four gardens in Darjeeling. On November 17, it had announced its decision to sell three of them. The impending disposal of Glenburn means that the B.M. Khaitan group will be opting out of Darjeeling.

In the three deals so far, six gardens - four in Darjeeling and two in Dooars - involved. The total consideration works out to nearly Rs. 46 crore. Exclusion of these leaves Eveready with 19 estates - 13 in Assam and six in Dooars (West Bengal). Accordin g to available indications, a few more Dooars gardens will be sold before the company holds its EGM on December 22 to obtain shareholders' approval.