Aditya Birla group raises stake in Canadian JV

MUMBAI: Aditya Birla Group on Monday said it has increased stake in two Canadian joint venture companies, namely AV Cell Inc and AV Nackawic Inc, from 75 per cent to 95 per cent for nine million Canadian dollars (Rs 35.14 crore).

The group said that the stake was acquired from its JV partner Tembec group through Grasim Industries and Indo Bharat Rayon Indonesia.

Aditya Birla Group Director (pulp and fibre business) Shailendra Jain said this transaction fits well with the company's strategy of securing pulp requirement for the VSF business.

The relationship with Tembec will continue as before and it will remain a shareholder in both the companies, he added.