Ravindra Kumar Goenka signed a memorandum of understanding to acquire Tengapani Tea Estate in Assam from Gillanders Arbuthnot and Company Limited (BSE:532716) for approximately INR 160 million on November 23, 2020. As of January 2, 2021, Ravindra Kumar Goenka entered into an agreement to acquire Tengapani Tea Estate in Assam from Gillanders Arbuthnot and Company Limited. For the last financial year Tengapani Tea Estate in Assam has revenue of INR 112.7 million and net worth of INR 12.6 million. The transaction is expected to close on January 1, 2021. The proceeds of the sale may be used to reduce the debts and improve the overall profitability of Gillanders Arbuthnot and Company Limited.