India's biggest paper maker Ballarpur Industries Ltd (BILT) said on Friday it plans to set up a new holding company for its unit Ballarpur International Graphic Paper Holdings (BIGPH) and list the holding company on the London Stock Exchange.

Ballarpur currently holds 79.53 percent in BIGPH through a wholly owned unit and the rest is held by two private equity investors.

The listing of the new holding company will follow an initial public offering and the proceeds from the issue will be used to fund capacity expansion and to cut debt.

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