Ballarpur Industries Updates on acquisition of SFI, Malaysia

With reference to the earlier announcement dated June 05, 2006 wherein the Company informed that it had entered into a conditional agreement on June 04, 2006, for the acquisition of 97.8% equity of Sabah Forest Industries Sdn Bhd (SFI), a Company situated in the Sipitang Province of Sabah, Malaysia, either directly or through its affiliates / nominees, which acquisition was subject to completion of a legal, technical, regulatory and financial due dillgence and receipt of all necessary regulatory and corporate approvals, Ballarpur Industries Ltd has announced that on March 16, 2007, the Company has through its wholly owned subsidiary, Ballarpur Paper Holdings B.V. acquired 97.8% of equity shares of SFI for a consideration of USD 253.70 Million.

Source : Equity Bulls

Keywords