Wadia group company Bombay Burmah Trading Corporation Ltd., on Wednesday said that its board has decided to sell 3 tea states in Tanzania, admeasuring approximately 3,957 acres, to Udongo Wetu, Dar es Salaam, Tanzania.
The total consideration of the deal is $1.2 million, or approximately 10 crore, the company said in an exchange filing.
The Mumbai-headquartered company revealed that the proposed sale is subject to the receipt of necessary approvals, approvals form regulatory agencies, if any, and the proposed buyer receiving appropriate authorisation to acquire such plantation land.
Last month, the company sold its eight coffee estates to Orange County Resorts and Hotels Ltd. for Rs 291 crore.
Bombay Burmah reported its Q3 earnings in February. It reported a consolidated revenue of Rs 4,186.3 crore for the December quarter against Rs 3,616.5 crore in the same quarter last year. While, its net profit soared to Rs 618.3 crore in the December quarter from Rs 179.3 crore in the same quarter last year.
Set up in 1863 Bombay Burmah is India's oldest publicly traded company, and was established to engage in the Burmese tea business. It has interests in plantations, foods, textiles, chemicals, electronics and light engineering, health care, and real estate.
Stocks of the company settled at Rs 923.40 apiece, up over 2 percent, when the market closed today, April 19, 2023.
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