ITC gets nod to acquire Birla’s Century pulp biz

New Delhi: Fair trade regulator CCI on Tuesday cleared conglomerate ITC Ltd’s proposal to acquire the pulp and paper business of Aditya Birla Real Estate Ltd (ABREL) for Rs 3,498 crore.

The development came after ABREL in March this year announced that its board has approved the execution of the business transfer agreement for the divestment of the pulp and paper undertaking situated in Lalkuan, Uttarakhand, by way of a slump sale to ITC.

The Competition Commission of India (CCI) said it has approved the proposed deal. “Commission approves acquisition of paper and pulp manufacturing business of Aditya Birla Real Estate Limited by ITC Limited,” the regulator said in a post on X.