Indonesia’s APRIL Group to Enter India With Origami Buyout
- Deal pegged at about $50 million in total, people familiar say
- BanyanTree sold entire 30% stake in the Indian tissue maker
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Indonesia’s Asia Pacific Resources International Ltd. Group said it bought a controlling stake in Indian tissue paper manufacturer Origami Cellulo Pvt., marking the pulp maker’s entry into the South Asian country.
The deal, pegged at about $50 million in total, includes the purchase of a 30% holding owned by BanyanTree Growth Capital II, people familiar with the matter said, asking not to be identified as the information is not public. ICICI Securities is the adviser for APRIL Group and a part of the deal value would be paid upfront, they said.