Khaitans gets tea fraternity support to foil Carbon Resources takeover bid for McLeod

Kolkata, Sep 23 (PTI) In a twist to the ongoing Carbon Resources takeover bid for McLeod Russel, another tea company MK Shah Exports has approached the lenders extending its support to the existing promoters in the restructuring plan with Khaitans.

The bankers met on Thursday and took note of the two letters of intent received for McLeod Russel that expressed interest in the company's restructuring. Sources said the matter is at a very fluidic state and they will meet again later to consider the offers, if required.

"We wish to stand for the existing promoters of McLeod Russel due to our long standing relationship with Khaitans. Thus, we have also sent a letter of intent to the lenders stating that our group is going to support the existing promoters in the ongoing restructuring of the company with the Khaitans," MK Shah Exports director Himanshu Shah told PTI.