ITC Ltd Seeks CCI Nod for ABREL's Pulp and Paper Acquisition
ITC Ltd has applied to the CCI for approval to acquire the pulp and paper business of Aditya Birla Real Estate Ltd for Rs 3,498 crore. The acquisition is part of a business transfer agreement that aims to enhance ITC's presence in the paper industry without affecting market competition.
- Country:
- India
ITC Ltd has officially petitioned the Competition Commission of India (CCI) for approval to acquire the pulp and paper division of Aditya Birla Real Estate Ltd (ABREL), valued at Rs 3,498 crore.
According to a notice filed with the CCI, the acquisition, detailed in a business transfer agreement between the two entities, is about the sale of ABREL's well-established pulp and paper operation, Century Pulp and Paper (CPP), located in Lalkuan, Uttarakhand.
The transaction is not expected to impede market competition, as noted by both ITC and ABREL. The acquisition will allow ITC to strengthen its paperboards and packaging business segment, which generated Rs 4,000 crore in free cash flow between the fiscal years 2020-2024.
(With inputs from agencies.)
- READ MORE ON:
- ITC Ltd
- ABREL
- pulp
- paper
- business acquisition
- CCI
- Century Pulp
- adverse effect
- competition
- divestment
ALSO READ
BRICS CCI Healthcare Summit Calls for Tradition-Innovation Synergy in Health
Tragic Accident on Agra-Lucknow Expressway Claims Officer's Life
Capgemini Seeks CCI Clearance for Cloud4C Acquisition
Tragic Road Accidents in Ganjam District Trigger Protests
Changing COVID Vaccine Coverage: The Fall Impact
Google News