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Jay Shree Tea and Industries Ltd has entered into agreement with Jimsam Tea Equipments Ltd for sale of two of its estates at Valparai in Tamil Nadu for an estimated ₹46 crore.
The estates contributed around five per cent to its total turnover which stood at ₹486 crore in FY-20.
The sale process is expected to be complete by May 2021, the company said in a notification to stock exchange on Thursday.
The company’s board had, in January last year, decided to monetise certain tea estates and or other assets in India or abroad.
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