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The Board of Directors of Aditya Birla Real Estate Ltd. (ABREL) on Monday approved the sale of company’s pulp and paper undertaking in Lalkuan, Uttarakhand, to ITC Ltd. in an all-cash deal of ₹3,498 crore.
R. K. Dalmia, Managing Director, Aditya Birla Real Estate Ltd, said: “The divestment is a strategic portfolio choice and unlocks value for the shareholders of ABREL. The company has embarked on a transformational growth phase, and this move will further sharpen its focus on real estate to drive sustained value creation,” he added.
B Sumant, Executive Director, ITC Ltd said: “The acquisition will strengthen the market standing of ITC’s Paperboards and Specialty Papers Business and engender new opportunities in the domestic and international markets. The acquisition aligns with the company’s strategy of driving the next horizon of growth in the paperboards and specialty papers business by expanding capacity at a new location considering that the existing facilities are already saturated. The strong linkages to afforestation and livelihood creation pursued by both the entities contribute meaningfully to national priorities,” he said.
Published – March 31, 2025 08:44 pm IST
