Aditya Birla group sells pulp & paper biz to ITC for Rs 3,500 crore

He added that over the years, CPP has become synonymous with strong performance and high sustainability standards. “To take it to the next level in size and value, the company is pleased to have found in ITC, a credible and well-established player,” he said.

The lump sum consideration is subject to certain adjustments as per the agreement. The transaction is contingent on necessary statutory and regulatory approvals including approvals from the Competition Commission of India (CCI) and shareholders.

JM Financial Limited acted as the exclusive financial advisor and AZB & Partners acted as the legal advisor to ABREL for this transaction.

 
Aditya Birla Real Estate, as its key business, develops premium residential housing in key markets. The company is developing land parcels both through outright purchases as well as asset light Joint Ventures apart from developing its own land parcels. While, the ITC Group is a major player in paperboards and specialty paper business.