Aditya Birla Real Estate Pivots to Property: Sells Pulp Unit to ITC

Aditya Birla Real Estate Ltd sold its pulp and paper business to ITC for Rs 3,498 crore, shifting focus to real estate. The divestment aims to unlock value and drive growth opportunities in its core business.

Aditya Birla Real Estate Ltd (ABREL) has sold its pulp and paper business to ITC for Rs 3,498 crore in a strategic move to zero in on its real estate ventures.

According to a regulatory filing, ABREL's board approved the divestment through a business transfer agreement for the unit located in Lalkuan, Uttarakhand. This transaction will be executed as a slump sale.

R K Dalmia, Managing Director of ABREL, emphasized the decision as a strategic portfolio choice, unlocking shareholder value and sharpening focus on sustaining growth within their core real estate business.

(With inputs from agencies.)