Cyril Amarchand Mangaldas (CAM) and AZB & Partners have acted on ITC’s USD407 million acquisition of Aditya Birla Real Estate’s subsidiary Century Pulp and Paper (CPP).
CAM advised ITC on its proposed acquisition, with partner Ramgovind Kuruppath leading the transaction team. Principal associate Megha Krishnamurthi and associates Pruthvi Jasani and Rahil Mehta provided support.
AZB & Partners acted for Aditya Birla’s subsidiary CPP.
The acquisition involves all associated assets, liabilities, contracts and employees, with the business transferred as a going concern on a slump sale basis through a business transfer agreement.
ITC will acquire CPP for a lump sum consideration of up to INR35 billion (USD407 million) on a cash-free, debt-free basis, payable at closing and subject to the clauses within the agreement.
Completion of this transaction is contingent on requisite approvals, including from the Competition Commission of India.
Established in 1910 as the Imperial Tobacco Company of India, ITC has diversified its business into various sectors, including fast-moving consumer goods (FMCG), hotels, paperboards and packaging, agribusiness and information technology.
Aditya Birla’s CPP is a leading manufacturer of paper, board, tissue and pulp. The company is known for producing its own bagasse pulp and operates a dedicated machine for Century green pulp.
