ITC Limited to acquire Century Pulp & Paper for $409m.

ITC Limited, an Indian conglomerate, agreed to acquire Century Pulp & Paper, a paper manufacturer, from Aditya Birla, an Indian multinational conglomerate, for $409m. "The acquisition will strengthen the market standing of ITC's Paperboards and Specialty Papers Business and engender new opportunities in the domestic and international markets. The acquisition aligns with the Company's strategy of driving the next horizon of growth in the Paperboards and Specialty Papers Business by expanding capacity at a new location considering that the existing facilities are already saturated," B Sumant, ITC Limited Executive Director.