New Delhi, March 31 -- Fast-moving consumer goods (FMCG) giant ITC Limited is set to acquire Aditya Birla-owned paper-producing firm Pulp & Paper Undertaking for a sum of Rs.3,498 crore to strengthen its speciality paper and paperboard business, according to an exchange filing on Monday, March 31.

"The acquisition will strengthen the market standing of ITC's Paperboards and Specialty Papers Business and engender new opportunities in the domestic and international markets," said B Sumant, Executive Director at ITC Limited, in an official statement.

According to an exchange filing from Aditya Birla Real Estate, the divestment move is aimed at unlocking value for the firm so that it can continue to pursue growth opportunities in the real e...