Calcutta, Aug 20: The shareholders of Rossell Industries Ltd of the YK Modi group have approved the board's resolution for "transferring, selling or otherwise disposing of the assets and properties other than pertaining to the core business of manufacturing and selling tea" to its two subsidiaries-Rossell Financial Services Ltd and RIL Investments Ltd.

The resolution was passed at an extra-ordinary general meeting held here on Wednesday. Rossell will issue one equity share of Rs 10 each of the subsidiaries for two of its fully paid-up equity shares of Rs 10 each.

According to the Rossell Industries chairman PK Paul, the company is evaluating several options in case the shareholders plan to sell the shares of the subsidiaries. One possible option is listing the shares of the subsidiaries on the stock exchanges.

Rossell's tea business fared well this year compared to last year, Paul said. The company is now concentrating on the product mix. It has already exported tea worth Rs 13.56 crore till June against Rs 11.70 crore in 1995-96.

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