Abu-Dhabi based BRS Ventures Investment Limited, which has taken over Assam Company India Limited, the world’s first tea company, is confident of putting it back on track immediately by taking a series of measures.

The Guwahati bench of the National Company Law Tribunal (NCLT) had initiated corporate resolution proceedings against the company, which has 14 gardens in Assam, in October 2017 after it turned insolvent because of losses in its oil business. Many companies had submitted bids but the Rs 1,214-crore bid of BRS Ventures Investment Ltd was found to be the highest.

Of the Rs 1,214 crore, Rs 1,064 crore will be paid to financial creditors, operational creditors, labour/employees, statutory dues and an additional Rs 150 crore will be infused to immediately meet the working capital requirements and capital expenditure needs of the company for the tea and oil operations. Rs 600 crore has already been paid upfront according to the NCLT order.

“We are on the job already. The company will be given a total facelift. We are planning to introduce innovative technologies in the tea plantations to enhance productivity. Pruning will be undertaken to improve the yield to ensure this acquisition is a grand success,” B.R. Shetty, chairman of BRS Holding told The Telegraph.

BRS Ventures is a holding company owned by Shetty which has diversified global business operations in healthcare, financial services, pharmaceuticals, education and hospitality sectors. Its healthcare facility, New Medical Centre, is listed in the London Stock Exchange.

The board of directors of Assam Company India Limited has been reconstituted with Shetty as the chairman.

“I consider myself very fortunate to have got the opportunity to acquire Assam Company India Limited and to serve the community at large. I am aware of the problems of the workers and will improve the facilities to improve their standard of living,” Shetty said.

“We are also working towards modernising the factories to ensure that quality is maintained. We shall leverage our marketing network for global distribution of tea since it is known that Assam tea is one of the finest in the world. We shall put the company back on track by implementation of a corporate governance structure by appointment of a professional team. We will look for ways to ensure that there is no pilferage,” he said.

He said the expenditure towards employee benefits will involve healthcare, education and housing. The healthcare facilities will also benefit residents of the state. Educational facilities will be set up over a period of five years.

Shetty said Assam was ideal for promoting tea tourism, which would involve setting up of hotels and chalets, golf clubs and other sporting activities at suitable locations for tourists from all over the world.