Mumbai, April 3 -- Aditya Birla Real Estate Limited (ABREL) has announced the sale of its Pulp and Paper plant in Lalkuan, Uttarakhand, to ITC Limited for Rs 34.98 Bn, marking a strategic move to sharpen its focus on core real estate operations.
The transaction, structured as a lump sum payment, remains subject to legal and regulatory approvals, including clearance from the Competition Commission of India (CCI) and shareholder consent.
For this deal, JM Financial Limited acted as financial advisor, while AZ & Partners provided legal counsel to ABREL.
With this divestment, ABREL reaffirms its commitment to real estate expansion, aiming to enhance shareholder value and strengthen its presence in the sector.
Published by HT Digital Content Services with permission from Construction World.