Kolkata, March 31 -- In a bid to strengthen its paperboard and specialty papers business, India's leading private sector diversified business conglomerate ITC Limited has signed a business transfer agreement on Monday to acquire Century Pulp and Paper (CPP) of Aditya Birla Real Estate Limited ('ABREL').
The acquisition will immediately add significant scale and economies to existing operations with potential for further capacity expansion, ITC said in a media release here.
It said the deal would provide locational advantage for efficient customer servicing and proximity to key raw material sources, mitigate operational risks through multi-site operations and enhance resilience across industry cycles through portfolio diversification.
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