The Competition Commission of India (CCI) greenlit on Tuesday ITC Limited’s acquisition of the paper and pulp manufacturing business of Aditya Birla Real Estate Limited (ABREL), clearing a key regulatory hurdle for the Rs 3,498-crore transaction.
The approval covers the proposed transfer of ABREL’s pulp and paper undertaking at Lalkuan in Uttarakhand to ITC through a business transfer agreement. The divestment plan had been cleared by ABREL’s board in March this year and is now set to move into the execution phase following the antitrust watchdog’s clearance.
Source: Economic Times