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International Paper Co., the world’s biggest producer of pulp and paper, is selling a majority stake in its Indian unit to West Coast Paper Mills Ltd for at least Rs 557 crore ($80 million).
Through this deal, the existing promoters (of International Paper APPM) – International Paper Investments SARL Luxembourg and IP International Holdings Inc USA – are selling their shares, reported ET.
The transaction also triggered a mandatory open offer under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and is also subject to receipt of approval from the Competition Commission of India.
Shardul Amarchand Mangaldas advised West Coast Paper Mills and the team was led by Kolkata Partner Sakshi Mehra, Partner along with Principal Associate Shiladitya Banerjee.
SAM & Co Mumbai Partner Kaushik Mukherjee along with Principal Associate Narayan Kedia, Senior Associate Siddhartha Desai, and Associates Sejal Jain and Anupam Choudhury advised on open offer aspect.
AZB & Partners acted for International Paper APPM Limited and the team was led by Partners Srinath Dasari and Nanditha Gopal.
Veritas Legal advised the sellers and the team was led by Partners Nandish Vyas and Vineet Nallawala along with Associate Vedika Bhandari.