Itc Limited
Case brief
What is this about?
The Competition Commission of India examined a proposal by ITC Limited to acquire the paper and pulp business of Aditya Birla Real Estate Limited. The Commission defined narrow product markets within the paper industry, assessed horizontal and vertical overlaps, and concluded that the transaction would not have an appreciable adverse effect on competition, approving the combination.
What did the court decide?
The Commission approves the Proposed Combination under Section 31(1) of the Act.
What the court decided
COMPETITION COMMISSION OF INDIA
Combination Registration No. C-2025/08/1319
16th December 2025
Notice under Section 6(2) of the Competition Act, 2002 given by ITC Limited
CORAM:
Ms. Ravneet Kaur Chairperson Mr. Anil Agrawal Member
Ms. Sweta Kakkad Member Mr. Deepak Anurag Member
Order under Section 31(1) of the Competition Act, 2002
- I. Background
- On 22nd August 2025, the Competition Commission of India ( Commission ) received a Notice under Section 6(2) of the Competition Act, 2002 ( Act ) given by ITC Limited ( ITC/Acquirer ).
- The Notice was filed pursuant to the execution of Business Transfer Agreement ( BTA ) dated 31st March 2025 executed amongst the Acquirer and Aditya Birla Real Estate Limited ( ABREL/Seller ).
Issues for consideration
3 issues framed by the court
Whether the proposed vertical divestiture and acquisition of ABREL's pulp and paper business by ITC Limited would have an appreciable adverse effect on competition in India.
How the Competition Commission of India determined relevant product and geographic markets for the paper and paperboard industry, including VMLB and Cup Stock segments.
Whether the increased market shares in the VMLB segment, arising from the combination, are mitigated by imports, buyer power, and entry barriers.
Parties & counsel
- applicant
Competition Commission of India
- applicant
ITC Limited
- other
Aditya Birla Real Estate Limited
Coram
Case details
As recorded by the court registry
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