India, March 31 -- Aditya Birla Real Estate Ltd (ABREL) on March 31 announced the sale of its pulp and paper undertaking located in Lalkuan, Uttarakhand, to ITC Limited for Rs.3,498 crore as part of its strategy to focus on property business.

In a regulatory filing, ABREL informed that its board approved the execution of the business transfer agreement for the divestment of pulp and paper undertaking situated in Lalkuan, Uttarakhand, by way of a slump sale to ITC Limited.

"The transfer of the business will be for a lump-sum cash consideration of Rs.3,498 crore, to be paid by ITC to ABREL," the real estate firm said in a regulatory filing.

The divestment of the pulp and paper undertaking is a value-unlocking exercise. "It will further e...