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Aditya Birla, Tembec to buy Canada's St. Anne Pulp
By agencies
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Tuesday, 05 April 2005, 19:30 IST
MUMBAI:India's largest commodities group, the Aditya Birla group and Canada's Tembec Inc. have agreed to form a joint venture to buy St. Anne Nackawic Pulp Mill in Canada.
The Aditya Birla group would own the controlling stake in the joint venture. The group didn't provide any financial details on the proposed acquisition.
St. Anne Nackawic Pulp Mill currently has the capacity to make 280,000 metric tons of hardwood pulp used in papermaking. The joint venture will initially convert the mill's operations to make dissolving grade pulp that can be used to make viscose staple fiber.
"The group's vision in the viscose staple fiber business is to maintain its global leadership position in this segment. To do so entailed securing access to good quality pulp, vital for the fiber business," Chairman Kumar Mangalam Birla said in the statement.