AP Paper Mills

International Paper of US buys majority stake in Andhra Pradesh paper Mills

A deal was signed between US paper and packaging company International Paper to buy majority stake in Andhra Pradesh Paper Mills for about USD 257 million in cash making it the first significant domestic acquisition by a foreign paper company.

Andhra Pradesh Paper is the main unit in the paper industry of India and managing director RR Vederah of BILT Paper said that is it an interesting deal. He also said that it is expected that the existing management team and employees of AP paper will continue to work in the industry even after the deal.