Ballarpur in bid to sell SFI for RM1.54b
Published on: Tuesday, April 25, 2017
NEW DELHI: India"s Ballarpur Industries Limited (BILT) is in talks with China's Nine Dragons Paper Group to sell its Malaysian unit, Sabah Forest Industries, for US$350 million (RM1.54 billion), an Indian business newspaper reported.BILT, part of Avantha Group, India's largest manufacturer of writing and printing paper, is selling its Malaysian business to raise funds to cut debt, the report said.Talks between Nine Dragons Paper Group and the Indian company, which bought Sabah Forest Industries in 2007 for about US$261 million (RM1.15 billion), have been going on "for some time now and the discussions are likely to lead to a binding agreement soon", the Economic Times said quoting sources.
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It said Ballarpur Chairman Gautam Thapar was in Malaysia a few days back and was leading the talks.Stay up-to-date by following Daily Express’s Telegram channel.
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