Aditya Birla group news: In a major business development Aditya Birla Real Estate Ltd (ABREL) the real estate branch of Aditya Birla Group announced the sale of its pulp and paper business Century Pulp and Paper (CPP) to ITC for Rs 3498 crore. ITC on the other hand said the acquisition will immediately add significant scale and economies to its existing operations. ITC added that the deal comes with the potential for further capacity expansion provide a locational advantage for efficient customer servicing and proximity to key raw material sources among others. Established in 1984 at Lalkuan (Nainital Uttarakhand) pulp and paper undertaking Century Pulp and Paper (CPP) of ABREL is a well-established player in the Indian Paper industry with an installed capacity of 4.8 Lakh MT per annum ITC said in a statement. ABREL informs about transfer of business In a regulatory filing ABREL informed that its board approved the execution of the business transfer agreement for the divestment of pulp and paper undertaking situated in Lalkuan Uttarakhand by way of a slump sale to ITC Limited as per report by news agency PTI. The transfer of the business will be for a lump-sum cash consideration of Rs 3498 crore to be paid by ITC to ABREL the real estate firm said. The divestment of the Pulp and Paper undertaking by ABREL is a strategic portfolio choice and unlocks value for the shareholders of ABREL the company has embarked on a transformational growth phase and this move will further sharpen its focus on real estate to drive sustained value creation Aditya Birla Real Estate Managing Director RK Dalmia said Aditya Birla Real Estate Managing Director RK Dalmia was quoted as saying in the report. Notably ABREL is currently working on premium residential projects in major cities like Mumbai Bengaluru National Capital Region (NCR) and Pune. (With inputs from agencies)