Help needed in sed

I have a requirement in my project to create report from a template file.
A sample template file is added below:

The report data is stored in a file. A sample data file is added below:

Using the above template and data file I want to create a report like this:

I have tried to create this report by using sed. This is what I have tried:

The report is getting generated, but the problem I am facing is that the item list in the report is showing in a single line. Is there a way (using sed or otherwise) I can generate the report as mentioned above, by displaying each items in seperate lines. Any help would be highly appreciated.

Thank You
Alecs

Try one of these:

file_content=`cat item_list`
sed -e 's/@ITEMS@/'"`echo \"$file_content\"`"'/g' items_report_template > items_report

or:

sed -e "s/@ITEMS@/`cat item_list`/g" items_report_template > items_report