Shareholders of Andhra Pradesh Paper Mills Ltd have unanimously approved the change of company’s name to International Paper APPM Ltd.
The name change is subject to statutory approvals, according to a statement made to the exchanges.
The US-based paper major International Paper, through its Singapore-based arm, had acquired 75 per cent stake in Andhra Pradesh Paper Mills in October 2011, by buying out promoters’ stake in the company and later picking up shares through an open offer. The company is now a subsidiary of IP Holding Asia Singapore Pte Ltd.
The new name, apart from integrating APPM into International Paper Group, also retains APPM which has become so widely recognised and accepted over the years in the paper industry. It has also established its brand in different varieties of paper, the statement said.