The board of directors of Aditya Birla Real Estate Ltd, belonging to the Aditya Birla group, has approved the business transfer agreement for divestment of its pulp and paper undertaking situated in Lalkuan, Uttarakhand by way of a slump sale to ITC Ltd. The transfer of the business will be for a lump-sum cash consideration of Rs 3,498 crore. “The divestment of the pulp and paper undertaking is a value unlocking exercise for ABREL. It will further enable the company to pursue growth opportunities in its core business — real estate,” it said in a statement.
