Aditya Birla Sells Pulp Business to ITC for Rs 3,498 Crore

• Aditya Birla Real Estate Ltd (ABREL) shares will be in focus after the company's board approved the sale of its pulp and paper business to ITC Ltd for Rs 3,498 crore.
• The divestment is aimed at unlocking value and allowing ABREL to concentrate on its core real estate business.
• The transaction is subject to statutory and regulatory approvals, including from the Competition Commission of India and shareholders.
• ITC's acquisition will add 480,000 metric tonnes per year of capacity to its paperboards and specialty papers business.
• JM Financial Limited acted as the exclusive financial advisor, while AZB & Partners served as the legal advisor to ABREL for this transaction.

Source: The Economic Times, Moneycontrol, The Times Of India