ITC.NSE

ITC Ltd.

The Competition Commission of India (CCI) greenlit on Tuesday ITC Limited’s acquisition of the paper and pulp manufacturing business of Aditya Birla Real Estate Limited (ABREL), clearing a key regulatory hurdle for the Rs 3,498-crore transaction.The approval covers the proposed transfer of ABREL’s pulp and paper undertaking at Lalkuan in Uttarakhand to ITC through a business transfer agreement. The divestment plan had been cleared by ABREL’s board in March this year and is now set to move into the execution phase following the antitrust watchdog’s clearance.Aditya Birla Real Estate had said earlier that the sale will allow the company to channel resources towards expanding its core real estate business. Managing Director R.K. Dalmia described the divestment as a strategic portfolio decision that unlocks value for shareholders and sharpens the company’s focus at a time when it is entering a phase of transformational growth. He added that the pulp and paper business had built a strong reputation for performance and sustainability, and that ITC was well placed to scale it further.Under the terms of the agreement, the consideration will be paid as a lump sum, subject to customary adjustments.

British American Tobacco plans to offload its stake worth about $776 million in India’s ITC Hotels, the company said on Thursday, as it looks to reduce debt and exit a non-strategic asset. The maker of Lucky Strike and Dunhill cigarettes said it intends to sell between 7% and its entire 15.3% stake in ITC Hotels through an accelerated bookbuild process. BAT is the second-biggest shareholder in ITC Hotels, according to LSEG data. It inherited the stake through its shareholding in ITC Ltd, which spun off its hotels business in January. “A direct stake in ITC Hotels is not a strategic holding for BAT,” CEO Tadeu Marroco said in a statement. BAT’s shares rose 1.5% after the announcement, while India-listed ITC Hotels ended the session roughly flat. British American Tobacco sells $1.5 billion stake in India’s ITC via block deal The final number of shares sold will be determined to optimise the overall pricing outcome to the group, BAT said in a statement. Its roughly 15% holding is currently valued at about $776 million, according to a Reuters calculation.

ITC Limited ( ($IN:ITC) ) has provided an announcement. ITC Limited has announced that its representatives will participate in an Analysts Meet org...

Experts from ITC Ltd, Nestlé, Grupo Bimbo, Louis Dreyfus Company, Megastar Foods, CSIR–CFTRI, PAU Ludhiana and Skymet Weather Services will lead discussions on technology, sustainability and innovation