Aditya Birla Real Estate Limited (ABREL), the realty arm of the Aditya Birla group, on Monday said it got board approval for selling its pulp and paper businesses to ITC for Rs 3,498 crore via a slump sale.
According to the business transfer agreement, Century Pulp and Paper (CPP), situated in Lalkuan, Uttarakhand, will be divested and sold to ITC, as a value unlocking exercise for its shareholders.