JK Paper today said it has offered to acquire two facilities of BILT Graphic Paper Products located in Maharashtra.
"The company today submitted a non-binding offer to BILT Graphic Paper Products Ltd...To acquire two units of BGPPL located at Ballarpur and Ashit in Maharashtra which manufacture pulp, paper, paper boards and other paper products," JK Papers said in a filing.
BILT Graphic Paper Products is a subsidiary of Avantha group firm Ballarpur Industries.
JK Papers said the offer 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 applicable law.
JK Paper did not divulge any financial details.
Meanwhile in a separate filing, paper major Ballarpur Industries said that its subsidiary BGPPL has received a non-binding offer proposing the acquisition of Ballarpur and Ashti undertakings.
The proposal is subject to due diligence, negotiation and execution of definitive agreements.
The Board has reviewed the offer and has authorised a Committee of Directors to take the next appropriate steps.
"There can be no assurance that any definitive offer will be made, that any agreement wold be executed or that this offer will be approved or the proposed acquisition consummated," BGPPL added.
