The Competition Commission of India (“CCI”), vide Press Release No.: 91/2025–26,[1] dated December 16, 2025, has approved the proposed acquisition of the paper and pulp manufacturing business of Aditya Birla Real Estate Limited (“Seller”) by ITC Limited (“Acquirer”), under the provisions of the Competition Act, 2002.
Details of the Proposed Combination
The proposed transaction involves the sale and transfer of the paper and pulp manufacturing business of the Seller to the Acquirer as a going concern, pursuant to a Business Transfer Agreement executed between the parties.
Parties Involved
- Acquirer, is a publicly listed company with diversified shareholding and operations across fast-moving consumer goods (FMCG), paper, paperboards and packaging, agri-business, information technology, and other sectors.
- Seller, is a listed entity and part of the Aditya Birla Group, with diversified interests including real estate development and pulp and paper manufacturing.
- Target Business is the paper and pulp manufacturing business of the Seller, comprising the manufacture, distribution, and sale of various paper and paperboard products in India. These include uncoated writing and printing paper (such as creamwove, maplitho and copier paper), kraft paper, virgin multi-layer board, tissue paper, cup stock, stiffener paper, and allied products.
[1] https://www.cci.gov.in/media-gallery/press-release/details/599/0