PIONEER NEWS SERVICE / Haldwani
In latest news from Uttarakhand, Aditya Birla Real Estate Ltd (ABREL) announced the sale of its pulp and paper business to Indian Tobacco Company Limited (ITC) for Rs 3,498 crore. This sale was attributed to ABREL’s strategy to focus on property business.
ABREL board had approved the execution of the sale agreement for the divestment of pulp and paper undertaking situated at Lalkuan in Nainital district by way of a slump sale to ITC Limited.
Notably, established in 1984 at the initiative of then Narayan Dutt Tiwari-led government, Century Pulp and Paper is known internationally for the quality paper it manufactures. Besides, the mill played a pivotal role in the development of the area in Nainital district.
