The Hindu Business Line : BILT to buy 38% stake in APR Packaging

BALLARPUR Industries Ltd (BILT) on Tuesday announced that its board of directors has approved the acquisition of approximately 38 per cent equity capital of APR Packaging Ltd from BILT Paper Holdings Ltd (BPHL).

APR Packaging is engaged in the manufacture of different varieties of paper, a BILT statement said.

Simultaneously, the BILT board also approved the sale of the company's entire equity stake in Janpath Investments and Holdings Ltd (JIHL), currently its wholly-owned subsidiary, to BPHL.

Both the moves are aimed at concentrating on its core areas of competence while moving out of the non-core segments.

According to a company statement, "The proposed transaction complements our existing operations in writing and printing paper. The deal structure involves no cash outflow and will significantly enhance our core investments in the burgeoning domestic paper sector, while further establishing our leadership position within the sector".

BILT is the largest paper company in the country and the only Indian company to rank among the top 100 worldwide. It has established a dominant position in its focus product segments in writing, printing and speciality paper. Already the largest Indian exporter of paper, the company is further looking at gaining a strong presence in key overseas markets.

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