ITC to acquire Century Pulp & Paper for INR 35bn

ITC Limited announced today that it will acquire Aditya Birla Real Estate Limited’s (ABREL) pulp and paper business, known as Century Pulp & Paper (CPP), for a lumpsum consideration of up to INR 35 Billion on a cash-free, debt-free basis. The acquisition, approved by ITC’s Board of Directors, is expected to close in approximately six months, pending regulatory approvals. CPP, located in Lalkuan, Uttarakhand, has an installed capacity of 4.8 lakh MT per annum. ITC anticipates structural improvements in profitability following the acquisition and expects it to be accretive to earnings per share within the first full year of operations. The company also highlighted that the acquisition aligned with its sustainability goals.