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ITC in talks with Century to buy its paper business

The largest cigarette maker ITC is in the talks with Century Textile and Industries to buy its paper business in a bid to diversify revenue to non-tobacco business.

As a part of restructuring of the company, Century’s textile division will be merged with Aditya Birla and the cement unit will be merged with Ultra Tech Cement.

The deal talks are not declared yet and the spokespersons didn’t give any comment.

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