HLL transfers Tea Estates India to Maxwell Golden Tea Private Limited
01-03-2006 :
Woodbriar Group has interests in plantations, insurance services and real estate. The Group’s gardens are spread across the premium tea growing regions in Tamilnadu and Kerala. HLL management believes that the proposed transfer to Woodbriar Group is in the best interest of the tea plantation business and all its stakeholders. Existing terms and conditions of services of all TEIL employees will be fully protected in accordance with applicable laws and terms of their employment.
The acquisition of TEIL by Woodbriar Group will provide scale and bring in synergy benefits to Woodbriar Group, as a large portion of TEIL gardens are contiguous to the existing tea gardens of Woodbriar Group. Canara Bank, Madurai Circle has funded the debt component to Woodbriar Group for this acquisition.
With this disposal of shareholding in TEIL, HLL has completed its exit from its tea plantations business both in South India and Assam. It may be recalled that HLL had sold its interests in Rossell Industries Limited and Doom Dooma Tea Company Limited in Assam during the last 12 months.
DSP Merrill Lynch Limited acted as financial advisor to Hindustan Lever Limited.
About HLL:
HLL is India's largest Fast Moving Consumer Goods Company, touching the lives of two out of three Indians. HLL's mission is to "add vitality to life" through its presence in over 20 distinct categories in Home & Personal Care Products and Foods & Beverages. The company meets everyday needs for nutrition, hygiene, and personal care, with brands that help people feel good, look good and get more out of life. For more information visit www.hll.com
