B.K. Birla led Century Textiles is reported to have shown interest in selling its Nainital paper plant. As told by Birla himself, ... ... the ill-managed paper unit was under treatment and if it did not improve soon the Group might think of selling it out instead of searching a strategic partner for it.
According to sources, if the deal gets through the paper unit shall fetch more than Rs 3000 crore. Recently the sale of one such unit at Hyderabad, the Andhra Pradesh Paper Mill, has set certain norms for evaluation of such plants and going by these norms, Century’s unit may be evaluated at about Rs 3000 crore.
The multi-business company ITC has eyes set on Century’s paper unit and could win it. Century seems to be interested in the deal.