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Thursday, Jun 16, 2005

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HML board clears Erumely rubber estate sale

G.K. Nair

Kochi , June 15

THE Kochi-based Harrisons Malayalam Ltd (HML) of the RPG group plans to sell its rubber estate at Erumely in Pathanamthitta district to liquidate its accumulated losses.

The board of directors, which met in Kolkata on Wednesday, has approved the sale of the 2,263-acre rubber estate for Rs 63 crore.

Senior company sources told Business Line that negotiations were on for some time to dispose of the estate.

However, they did not divulge the details of the transaction.

The estate has 445 employees. The decision will have to be approved by shareholders.

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