ITC Ltd has sought the CCI’s approval to acquire the pulp and paper business of Aditya Birla Real Estate Ltd (ABREL) for Rs 3,498 crore.
“The proposed transaction refers to the sale of the target business (paper and pulp manufacturing business of ABREL) to the acquirer (ITC Ltd), as a going concern, in accordance with the business transfer agreement executed between the parties,” according to a notice filed with the Competition Commission of India (CCI).
Established in 1984 at Lalkuan (Nainital, Uttarakhand), pulp and paper undertaking Century Pulp and Paper (CPP) of ABREL is a well-established player in the Indian Paper industry with an installed capacity of 4.8 lakh metric tonnes per annum.
News Courtesy : The Free Press Journal