CM offers help to US firm for smooth functioning of AP Paper Mills

Our Bureau Hyderabad | Updated on April 20, 2011

A high-powered delegation from International Paper, the US-based paper major, which recently announced their agreement to acquire controlling stake in the Bangurs-promoted AP Paper Mills, today called on the Andhra Pradesh Chief Minister, Mr N. Kiran Kumar Reddy.

The delegation led by Mr John Faraci, Chairman of International Paper, Mr Paul Brown, President International Paper, along with Ms Katherine Dhanani, US Consulate General, Hyderabad met the Chief Minister and also the State Major Industries Minister, Ms J.Geetha Reddy, to discuss the recent developments about the company and its acquisition of AP Paper Mills Ltd., located near Rajahmundry in East Godavari district.

During the interaction, the Chief Minster assured the delegation that the State Government would extend all cooperation for the smooth functioning of the paper mills.

Late last month, the US-based major had announced its strategic move to enter India through the acquisition of AP Paper Mills, which employs over 2,500 people.

The Memphis, Tennessee-headquartered company commands a turnover of over $27 billion and employs about 59,500 people globally.

The company is in the process of coming up with an open offer to acquire additional stake.

Published on April 20, 2011

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