Mumbai, April 1 -- Shares of ITC rose 0.21% to Rs 410.65, while ABREL shed 0.68% to Rs 1,955.80 on the BSE.

ABREL operates its pulp & paper products business under the name of Century Pulp and Paper (CPP), which was established in 1984 at Lalkuan (Nainital, Uttarakhand). CPP is a well-established player in the Indian paper industry with an installed capacity of 4.8 lakh MT per annum. The turnover of the pulp and paper segment stood at Rs 3,375 crore in FY24.

The acquisition will immediately add significant scale and economies to existing operations with potential for further capacity expansion, provide locational advantage for efficient customer servicing and proximity to key raw material sources, mitigate operational risks through mult...