New Delhi, April 1 -- ITC Ltd on Monday announced the acquisition of Century Pulp and Paper from Aditya Birla Real Estate Ltd for Rs.3,498 crore, expanding its own paper capacity by half, and gaining a foothold in the north.
While ITC's paperboards and specialty papers business has an annual capacity of over 1 million tonnes, Century Paper has an installed capacity of 480,000mt per annum. All of ITC's four paper facilities are located in South India, while the Century paper factory is at Lakuan in Uttarakhand.
"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 mater...