Jul 21, 2008. /Lesprom.com/. Tobacco-to-paper giant ITC Ltd is buying into India's biggest paper company Ballarpur Industries Ltd (BILT) belonging to the Avantha group controlled by Gautam Thapar, The Times of India reported. ITC has already bought over 23 lakh (2.3 million) shares of BILT for Rs 5.60 crore (approx. $1.2 million) in the last couple of months. The move has created a stir in corporate circles as ITC has major interests in paper through ITC Bhadrachalam Paperboard. BILT is the largest producer of writing and printing paper. The company holds 85% share of the bond paper market and nearly 45% share of the hi-bright maplitho market in India. The promoters hold 39.44% in BILT. "The number of shares bought by ITC is not significant going by the large capital base of BILT. It is around 0.5% of the BILT equity but the development is of immense interest going by the past history. There are past instances when ITC has bought into companies complementary to its business interests," a market expert said.