The Hindu : ITC buys Bilt Packaging for Rs. 233 cr.

Online edition of India's National Newspaper
Saturday, Nov 08, 2003

Business

Business

ITC buys Bilt Packaging for Rs. 233 cr.

By Our Special Correspondent

NEW DELHI NOV. 7. ITC today announced signing of an agreement to acquire Bilt Industrial Packaging Company's paperboard business for Rs. 233 crores.

The acquisition of the Coimbatore-based Bilt Industrial Packaging Co. (BIPCO) will provide ITC with an additional 65,000 tonnes of paperboards.

According to the ITC Chairman, Y. C. Deveshwar, the amount would be paid to Lalit Mohan Thapar group's Ballarpur Industries over the next five years and the transaction would be completed in the next 45 days.

The ITC's existing facility was operating at full capacity and the acquisition would enable the company to service domestic and export markets, Mr. Deveshwar said. The Thapars had acquired the paperboard plant in 1999.

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