Goodricke Brews a Strategic Exit: Leesh River Tea Estate Sold for ₹26.5 Cr

Goodricke Group Ltd has executed a non-binding Memorandum of Understanding (MoU) with Sombaria Agri Products Pvt Ltd for the proposed sale of its Leesh River Tea Estate in West Bengal. The deal, valued at ₹26.5 crore, is part of Goodricke’s ongoing portfolio rationalization strategy and is expected to close by May 31, 2025, pending due diligence and regulatory approvals.

 

Key Highlights:

 

- Deal Snapshot:

- Sale consideration: ₹26.5 crore (exclusive of taxes)

- Buyer: Sombaria Agri Products Pvt Ltd, Kolkata-based, unrelated to Goodricke’s promoter group

- Transaction type: “As is, where is” basis; not a related-party transaction

 

- Estate Profile:

- Leesh River Tea Estate contributes ₹28.23 crore (~3.43%) to Goodricke’s FY24 turnover

- Produces an average of 9.1 lakh kg of tea annually, known for its CTC and orthodox blends

 

- Strategic Rationale:

- The sale aligns with Goodricke’s focus on core high-margin estates and cost optimization

- Proceeds likely to be used for debt reduction or reinvestment in premium tea assets

 

- Next Steps:

- Due diligence underway

- Definitive agreement to follow, subject to regulatory and shareholder approvals

 

This move signals Goodricke’s intent to sharpen its estate portfolio and unlock value from underperforming assets—while Sombaria Agri Products makes its foray into the premium tea landscape.

 

Source: Business Upturn, Goodricke Group SEBI Filings, Sharecast