International Paper Company has completed the acquisition of stake in Andhra Pradesh Paper Mills (APPM).
The company has acquired 53.5 per cent stake in APPM for approximately $226 million (approx Rs 1,107.4 crore) in cash. In addition, International Paper later acquired an additional 21.5 percent of APPM shares in a public tender offer completed on 08 October 2011, for approximately $105 million (approx Rs 514.5 crore) in cash. Now, International Paper owns 75 per cent stake in APPM which operates two mills with a combined annual capacity of 2,50,000 tonne of uncoated free sheet paper.