Ballarpur Industries Limited (BILT), part of the Avantha Group, is among India's largest manufacturers of writing and printing (W&P) paper.
BILT had acquired Sabah Forest Industries, a pulp and paper manufacturer, in 2007 for $261 million.
BILT said that divestment is subject to regulatory approvals from the government of Malaysia and due diligence of the bankers' of the prospective buyer.
At 11:01 a.m., shares of BILT were up 5 per cent at Rs 15.30 as compared to a flat Nifty.
Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.