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Aditya Birla Group inks agreement to purchase assets of Terrace Bay Pulp Mill

Grasim Industries Ltd. | Diversified | Diversified | BSE: 500300 | NSE: GRASIM

06 Jul 2012 Evaluate

The Aditya Birla Group has signed an in-principle agreement to purchase the assets of the Terrace Bay Pulp Mill in North Western Ontario. The Group will make this acquisition through a Special Purpose Vehicle (SPV), AV Terrace Bay Inc. (Canada). Grasim Industries proposes to hold a 40% stake in AV Terrace Bay Inc. and the remaining 60% is proposed to be held by Thai Rayon Public Company, Thailand. Over a period of the next 3 years, Grasim would be contributing $44 million, out of the total equity contribution of $110 million.

In January, 2012, the Terrace Bay Mill was placed under CCAA (Companies Creditors Arrangement Act). The Group will be investing more than $250mn in a phased manner to convert the mill to produce Dissolving grade pulp with a capacity of 2,80,000 tpa. Until the conversion, which is likely to happen in FY 16, the mill will produce and sell Paper grade pulp. The Paper Grade Pulp mill would restart by October 2012. The Terrace Bay Mill is considered an anchor mill due to its location and its significant consumption of residual chips produced by the regional sawmills.

However, the transaction is subject to Court approvals in Canada and other Regulatory approvals in Canada, Thailand and India. It is expected to close by July 31, 2012.

The acquisition of the Terrace Bay Mill and its subsequent conversion into a dissolving grade pulp mill is a major strategic move by the company. In the VSF business, the group enjoys global leadership and to sustain ongoing growth, it has an integrated business model, spanning the entire value chain from plantation to pulp to fibre. The Terrance Bay Mill, upon conversion, will be geared to provide superior quality pulp for its VSF plants worldwide.

Grasim Industries Share Price

2711.25 -34.55 (-1.26%)

13-Apr-2026 16:59 View Price Chart

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Grasim Industries	2711.25
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Aditya Birla Group inks agreement to purchase assets of Terrace Bay Pulp Mill

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