Bilt to pick up 38% in APR Packaging
Inter-group transaction involves no cash outflow
Ballarpur Industries (Bilt) has announced that it will acquire 38% stake in APR Packaging, a company engaged in the manufacture of various grades of paper including industrial paper and writing and printing paper. Bilt is acquiring the stake from a group investment company Bilt Paper Holdings Ltd. (BPHL). The remaining 62% of APR Packaging will be retained by BPHL. The board has also decided to transfer the entire stake of a wholly owned subsidiary and another holding entity for Bilt – Janpath Investments and Holdings – to BPHL. In effect there will be no monetary transaction and the deals will be basically inter-group transfers.
