U.S. paper and packaging company International Paper Co will buy a majority stake in India's Andhra Pradesh Paper Mills for about $257 million in cash. The industry leader, which has operations in more than 20 countries, also raised its quarterly dividend by about 40 percent. Memphis, Tennessee-based International Paper will buy about 53.5 percent of outstanding shares in Andhra Pradesh Paper Mills (APPM), a part of India's L.N. Bangur group.
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