The Provincial Government says the Aditya Birla Group has agreed to purchase the assests of the mill and plans to invest more than 250-million dollars to convert the facility.
The company is based out of India and the reported sale price is 300-million dollars.
The mill will dissolve wood pulp for rayon fibre and will help in preserving 275 jobs.
The deal is subject to court approval.
The mill has been closed since a fatal explosion last November and subsequent downtime.
