Packaging firm Mondi to sell Russia business for $1.56 billion

(Reuters) – British paper and packaging firm Mondi Plc on Friday agreed to sell its Russian business Mondi Syktyvkar to Augment Investments for 95 billion roubles ($1.56 billion).

The proposed deal comes three months after Mondi Plc assessed all options for its interests in Russia.

The deal is conditional on the approval of the Russian government and Mondi shareholders, who will receive a dividend from the proceeds, according to the company.

($1 = 60.9500 roubles)

(Reporting by Amna Karimi in Bengaluru; Editing by Anil D’Silva and Shounak Dasgupta)