TGBL.L Regulatory News (TGBL)

31 Oct 2006 10:54

Tata Tea Limited31 October 2006 As required under the Listing Agreement, this is to inform you that at a meetingof the Board of Directors of the company held today, it was decided by theBoard, subject to receipt of all necessary approvals, to transfer the businessand undertakings of North India Plantation Operations (NIPO) of the companycomprising, inter-alia, all its tea estates and factories (other than Packetingcentres & the Referral hospital at Chubwa) located in the States of Assam andWest Bengal including the assets and facilities located in these estates to anew company (to be formed) on the basis of a valuation carried out by a reputedfirm of valuers at a transaction value of Rs.359 crores. The transfer will takeeffect from 1st April 2007. In the new entity equity participation byInternational Finance Corporation, Infrastructure Leasing & Finance, GloballyManaged Services, Tata Tea, corporate professionals and the employees of allcategories of NIPO is envisaged. The Board is of the view that the decision to divest from NIPO would enable thecompany to focus on branded business which would benefit the shareholders of thecompany. This information is provided by RNS The company news service from the London Stock Exchange