Lenders write off McLeod Russel debt at discount

Lenders have transferred ₹1,104 crore of McLeod Russel India's debt to the National Asset Reconstruction Company Limited for ₹700 crore, marking a 36% loss. This deal involves a 15:85 cash-to-security receipts structure over five years. The transfer follows a failed one-time settlement attempt of ₹1,030 crore. McLeod Russel will now negotiate with fewer creditors, which may help the company avoid asset sales amid ongoing financial challenges. McLeod Russel's loans have been non-performing since October 2019 due to declining tea prices and rising costs. The company operates 31 tea estates and employs over 50,000 people.