Goodricke Group Limited has executed a non-binding Memorandum of Understanding (MoU) with Sombaria Agri Products Private Limited for the proposed sale of its Leesh River Tea Estate, the company informed BSE on April 16, 2025. The estate, which contributed ₹28.23 crore or 3.43% to the company’s total turnover in FY24, is set to be sold on an “as is, where is” basis.
The MoU allows for the commencement of due diligence, with the expected completion of the sale by May 31, 2025. The transaction is subject to satisfactory due diligence and necessary regulatory approvals. The sale consideration has been set at ₹26.5 crore, exclusive of taxes, and is subject to adjustments based on current assets and liabilities at the time of the definitive agreement.
The buyer, Sombaria Agri Products Pvt Ltd, is a Kolkata-based company with no promoter group affiliations to Goodricke. The sale is not classified as a related party transaction and will be carried out at arm’s length. Additionally, it does not fall under a Scheme of Arrangement, and Regulation 37A of SEBI (LODR) Regulations does not apply.
The estate, which produces an average of 9.1 lakh kilograms of tea annually, is being divested as part of the company’s portfolio rationalization.
