ITC Ltd has taken the lead in the race to acquire Aditya Birla group’s Century Pulp and Paper (CPP) over rival paper makers, the Economic Times reported on February 5.
The FMCG major has offered Rs 3,000 crore to Rs 5,000 crore to purchase the company, the report said.
Bangur family-promoted West Coast Paper Mills is also in the race for the acquisition, the newspaper said.
According to the report, the talks between the companies are at an advanced stage and a decision could be made very soon.
Aditya Birla group had been trying to divest its paper subsidiary since 2017. However, the sale was under serious consideration since December 2024, ET said.
ITC Q3 Preview: Net profit may slip on high base, cigarette volumes to rise 4%
Meanwhile, ITC Ltd will report its December quarter results on February 6, where the cigarettes-to-soap conglomerate may post the highest revenue among all its listed rivals.
The firm’s net profit is likely to come 8.1 percent lower at Rs Rs 5,124 crore in the December quarter over Rs 5,578 crore in the year-ago period.
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