Ballarpur said to plan IPO of unit in Singapore

MUMBAI – Indian paper maker Ballarpur Industries is planning to raise about US$250 million (S$314 million) in a Singapore listing of its international operations, the Bloomberg news agency cited people with knowledge of the matter as saying.

The share sale may take place in the second half, the people said.

The company continually reviews its financing requirements and will announce any plans at the appropriate time, Ballarpur Industries spokeswoman Shravani Dang said.

In 2011, Ballarpur Industries deferred plans for a US$330 million London initial public offering of its unit BILT Paper. BILT said at the time it would wait to seek a higher price, after US-based International Paper agreed to buy Indian rival Andhra Pradesh Paper Mills Ltd. for almost three times its market value.