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BIC, which is a French stationery major has fully acquired Cello Pens, the largest Indian manufacturer of writing instruments, for Rs 540 crore.
BIC Group said in a statement that “Cello Group has sold to BIC its remaining equity participation in Cello Pens, allowing BIC ti increase its stake in Cello Pens to 100 percent for an amount of Rs 540 crore (approximately 74 million euros)”.
BIC chairman Bruno Bich said that “We are confident in Cello Pens’ multicultural management team’s abilities to leverage the strong asset that is the Cello brand, driving toward strong mid and long term growth potential”.
