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ITC Acquires BIPCO’s Paperboards Business
07 Nov 2003

ITC Limited signed an agreement today to acquire BIPCO’s paperboards undertaking, located near Coimbatore, for a consideration of Rs.233 crores payable over 5 years. The acquisition will provide ITC an additional 65,000 MT per annum capacity to service markets in India and overseas. The transaction is expected to be completed over the next 45 days.

ITC’s existing paperboards facility is already operating at full capacity. This acquisition will enable ITC to service the growing demand for high quality paperboards in the domestic market, as well as to widen its product footprints in the export markets.

Commenting on this significant milestone, Mr. Y. C. Deveshwar, Chairman, ITC Limited observed: "This acquisition strategically positions ITC to leverage its world-class capability in paperboards towards realizing the vision of becoming a leader in the Afro-Asian region."