Jay Shree Tea & industries, a BK Birla Group firm, has decided to monetise certain tea estates and other assets in India or abroad to consolidate and strengthen its financial position.

In a stock exchange filing, the company said its board of directors in a meeting on Thursday decided in principle to “monetise certain tea estate(s) and/or other assets”, and for this purpose authorised the managing director and the president, executive directors, independent directors and the CFO to identify the assets in India or abroad and to carry out the proposal of disposal.

The directors are of the view that it may be prudent for the company to dispose of one or more of its estate (s) in India and overseas and/or other assets which have varying contributions and use the proceeds thereof to consolidate and strengthen its financial position including containment and optimisation of liabilities, including borrowings, as a concrete step towards improvement of the overall performance of the company,” the filing said.

The company, controlled by Jayashree Mohta, elder daughter of late BK Birla, has gardens in India, Uganda and Rwanda. The company produces black tea, green tea and speciality tea. In India, the company has gardens in Darjeeling, Assam, the Dooars and Tamil Nadu.

During the last financial year, the company’s consolidated revenue from operations stood at Rs 756.92 crore, while net loss was at Rs 3.52 crore. It has a net debt of over Rs 300 crore. On Thursday, Jay Shree Tea & lndustries’ scrip rose 4.12% to end the day at Rs 51.75 on the BSE.