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ITC buys stake in Ballarpur Industries

ITC Ltd has acquired about 2.3 million shares, or 0.5 percent of the equity, in paper maker Ballarpur Industries Ltd for 56 million rupees, the Times of India reported on Friday.

ITC has interests in paper, through ITC Bhadrachalam Paperboard, which was doing well, the paper said quoting unnamed sources.

Ballarpur, belonging to Avantha Group, is India's top paper maker.

“We are not there to sell stake. Our shares are there in ITC's balance sheet, but it's nowhere close to 0.5 percent. This is just a story,” Anil Pahwa, chief general manager at Ballarpur said.

ITC officials were not immediately available for comment.(Reuters)

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