JK Paper Ltd today said it has made a non-binding offer to acquire two units of Avantha Group firm BILT Graphic Paper Products Ltd (BGPPL).
The non-binding offer (NBO) has been issued pursuant to the decision taken by the committee of directors at its meeting held today, JK Paper said in a BSE filing.
The offer is for acquiring BGPPL's units at Ballarpur and Asthi in Maharashtra, which manufacture pulp, paper, paper boards and other paper products, it added.
The company further said its NBO is preliminary and subject to customary conditions, including but not limited to initiation and completion of satisfactory due diligence, finalisation and execution of definitive agreements and receipt of applicable corporate and regulatory approvals.
JK Paper further said it has been "exploring both organic and inorganic growth opportunities and there can be no assurance on the outcome of any such opportunities that are being explored by the company and the consummation of the relevant transactions, including the above mentioned opportunity pertaining to acquisition of two units of BGPPL".
