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Aditya Birla group today said it is acquiring Terrace Bay Pulp Inc, a US paper grade pulp company, for $110 million (over Rs 600 crore).
This would be the group’s sixth acquisition in about six months and 28th overall.
The group’s Grasim Industries would acquire 40 per cent stake in a special entity created for this acquisition, while the remainder would be held by Thai Rayon Public Company Ltd.
Over a period of the next three years, Grasim would be contributing $44 million out of the total equity contribution of $110 million, the group said.
Aditya Birla Group Chairman, Mr Kumar Mangalam Birla, said: “The acquisition of the Terrace Bay Mill and its subsequent conversion into a dissolving grade pulp mill is a major strategic move.”
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