BILT buys Malaysian firm for $261 mln

New Delhi, June 5 (UNI) Ballarpur Industries Ltd today announced acquisition of a leading Malaysia-based Sabah Forest Industries (SFI) at a cost of 261 million dollars, for meeting its pulp requirements for paper making.

The BILT deal is in partnership with investment bankers JP Morgan and together they will hold 97.78 per cent equity in Sabah Industries.

''The agreement was signed yesterday in Kaula Lumpur. The net worth of Sabah Indstries is around 330 million dollars. We got the deal for around 30 per cent,'' BILT Vice Chairman and Managing Director Gautam Thapar told reporters.

He said, the funding of the deal would be done through internal sources adding that the company has enough funds as it finished a FCCB issue last year.

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