ITC to Finalize ₹3,498 Crore Acquisition of Century Pulp and Paper Next Week
ITC to conclude Rs 3,498-crore Century Pulp buy next week
The Economic Times
Image: The Economic Times
ITC, India's largest paper manufacturer, is set to finalize its acquisition of Century Pulp and Paper for ₹3,498 crore (approximately $420 million USD) next week. This deal, initially agreed upon on March 31, 2022, will increase ITC's paper production capacity by 50%, enhancing its total output to over 1.5 million tonnes annually.
- 01ITC's acquisition of Century Pulp and Paper is valued at ₹3,498 crore.
- 02The deal is expected to close next week after lease transfers are completed.
- 03This acquisition will boost ITC's paper manufacturing capacity by 50%.
- 04Century Pulp and Paper has the capacity to produce about half a million tonnes of paper annually.
- 05ITC operates four paper manufacturing facilities across India.
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ITC Limited, the largest paper manufacturer in India, is poised to finalize its acquisition of Century Pulp and Paper for ₹3,498 crore (approximately $420 million USD) next week. The deal, which was originally agreed upon on March 31, 2022, faced delays due to lease transfers and approvals from the Competition Commission of India. Once completed, this acquisition will enhance ITC's paper production capacity by 50%, raising its total output to more than 1.5 million tonnes annually. Century Pulp and Paper, owned by the Aditya Birla Group, operates factories capable of producing around 500,000 tonnes of paper each year. ITC currently utilizes about 40% of its paper manufacturing capacity in-house and has facilities located in Andhra Pradesh, Telangana, Tamil Nadu, and West Bengal.
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This acquisition will significantly enhance ITC's production capabilities, potentially leading to increased job opportunities and a more robust supply of paper products in the market.
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