Grasim acquires Canada's Terrace Bay Pulp for $300 million

MUMBAI: Aditya Birla Group company Grasim Industries has acquired Canada’s Terrace Bay Pulp for about $300 million.

Terrace Bay which owns 285,000 tonnes of paper grade pulp capacity, will be converted into rayon grade pulp to be used by Grasim for its viscose staple fibre operations.

Grasim is expected to make an announcement shortly.

Shares of Grasim ended down 1% 2659.80 on the BSE on Thursday.

The Terrace Bay Pulp mill, owned by Buchanan Forest Products, has been shut for the past two months. The promoters have been trying to sell the company, according to recent Canadian media reports.