Ballarpur Industries on Friday said it had put on hold its plan to list its U.K. subsidiary on the London Stock Exchange in view of the Andhra Pradesh Paper Mills-International Paper deal on the domestic paper industry and its impact on the paper market.

Earlier this week, U.S.-based International Paper acquired majority stake in APPM for $257 million (about Rs.1,150 crore), while Ballarpur Industries had announced plans to raise $330 million (nearly Rs.1,480 crore) through an LSE listing to fund its expansion plans.

Ballarpur Industries said in view of the APPM-International Paper deal, “The company has put on hold the IPO process and will reconsider the same as a possibility at a later time.”