Goodricke Group Limited has executed the sale agreement for its Chalouni Tea Estate in the Dooars, disclosing to the Bombay Stock Exchange on May 21 that gross proceeds are estimated at Rs 190 million, or about £1.47 million.

The 74%-owned Indian subsidiary of UK-listed Camellia Plc signed a non-binding memorandum of understanding for the sale on April 6, naming the buyers as Ashok Kumar Goyal and Suman Goyal, unaffiliated with Goodricke's promoter group, for Rs 19 crore on an as-is, where-is basis. The buyers have since executed the definitive Agreement for Sale through Chalouni Plantation Pvt. Ltd., transferring the estate, bearer plants, and specified assets. Possession has passed to the buyer; transfer of the leasehold rights over the land still needs approval from the competent authority of the West Bengal government.

Chalouni contributed Rs 17.39 crore in revenue in the financial year ended March 2025, about 1.9% of Goodricke's total turnover and 5% of its net worth, and produced roughly 695,000 kg of tea that year. Camellia Plc said the sale "is in line with the goal of improving operational results and reducing risk," as set out in the company's Value Enhancement Plan.

The deal is not Goodricke's first attempt at trimming its estate portfolio this year, nor its cleanest. It signed a memorandum of understanding in February to sell its Barnesbeg Tea Estate, then cancelled that deal in March after the parties could not align during due diligence, keeping the garden in the group. Chalouni's sale follows the completed disposal of the company's Leesh River estate under the same plan.

Sources: Investegate, Sale of Chalouni Tea Estate; ScanX, Goodricke Group Limited Signs Non-Binding MoU for Sale of Chalouni Tea Estate Worth Rs. 19.00 Crore; ScanX, Goodricke Group Sells Chalouni Tea Estate Assets.