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ITC seals Rs 3,500 crore deal for Century Pulp and Paper
MUMBAI: ITC has inked a business transfer agreement to acquire the pulp and paper division of Aditya Birla Real Estate Ltd (ABREL) for Rs 3,500 crore. The deal, structured as a slump sale on a cash-free, debt-free basis, brings Century Pulp and Paper (CPP) into ITC’s fold, bolstering its footprint in the paper and packaging game.
Established in 1984 in Lalkuan, Uttarakhand, CPP boasts an installed capacity of 4.8 lakh metric tonnes per year. With India’s paper demand growing at six to seven per cent annually and per capita consumption at a mere 16 kg (compared to the global average of 57 kg), ITC is betting big on the sector’s headroom for growth.
This acquisition is a strategic masterstroke. ITC’s paperboards and specialty papers division, already a heavyweight with an annual output exceeding 1 million metric tonnes, will gain instant scale and efficiencies. A new production hub means better customer service, proximity to raw materials and, crucially, operational resilience. ITC plans to turbocharge CPP’s profitability with a mix of capacity de-bottlenecking, product upgrades, efficiency drives, supply chain tweaks, and procurement muscle.
The deal is subject to regulatory nods, including clearance from the Competition Commission of India and the ministry of environment, forest and climate Change. It is expected to be wrapped up in about six months.
ITC executive director B Sumant said: “This move strengthens our market position and unlocks fresh opportunities in both domestic and global markets. Our new asset aligns perfectly with our strategy to drive the next horizon of growth.”
With this bold play, ITC is not just expanding—it’s redefining its game in paper and packaging.
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Ujjwal Jain steps down from PhonePe’s Share.Market to start new chapter
Founder behind WealthDesk and OpenQ exits after decade-long fintech journey
BENGALURU: Ujjwal Jain, the entrepreneur behind platforms such as WealthDesk and OpenQ, has stepped down from his role as chief executive of Share.Market, the investing platform backed by PhonePe, marking the end of a decade-long journey in India’s capital markets space.
In a reflective note, Jain described his journey from launching WealthDesk in 2016 to building a broader ecosystem that eventually became part of PhonePe. Over the years, his ventures focused on bringing data-driven investing tools and model portfolios closer to retail investors, a space that has seen rapid evolution alongside the rise of discount broking.
WealthDesk introduced curated “WealthBaskets” to simplify portfolio investing, while OpenQ expanded access to quantitative research and analytics. Both platforms were later acquired by PhonePe, forming the backbone of Share.Market, which Jain helped scale as a mass-market investing product.
Calling the experience “brutal” yet deeply fulfilling, Jain credited colleagues, investors and industry partners for shaping the journey, highlighting the role of the PhonePe team in building Share.Market into a large-scale platform.
His exit comes at a time when artificial intelligence is beginning to reshape financial services globally. Jain indicated that his next move will focus on this shift, hinting at a renewed push into the intersection of AI and capital markets.
Prior to his entrepreneurial stint, Jain worked with MSCI Inc. on index products and technology, and with D. E. Shaw India Financial Services in algorithmic trading and high-frequency systems.
While he has not disclosed specifics of his next venture, Jain framed the move not as a departure but a reset, signalling that his next chapter will aim to tackle even larger challenges in India’s evolving investment landscape.
With one chapter closed and another underway, the focus now shifts to what Jain builds next in an increasingly AI-first financial world.
