Hyderabad, Jan 8 (SocialNews.XYZ) Telangana Chief Minister A. Revanth Reddy on Monday expressed his government’s strong desire to revive Kamlapurum Pulp Mill of Ballapur Industries Ltd (BILT) and urged the IRP Finquest to expedite the process.
He held a review with senior officials on the status of revival of the unit.
The new Congress government has prioritised the revival of sick industrial units like BILT Mill in Mulugu district to boost economic activity and provide local employment.
In this context, the Chief Minister held a meeting with Hardik Patel, MD of Finquest Financial Solutions Pvt Ltd which has secured BILT assets in the state following the order from National Company Law Appellate Tribunal (NCLAT) and is in the process of disposing it to potential investors.
The Chief Minister also had discussions with CEO of ITC's PSPD (Paperboards and Specialty Papers Division) Vadiraj Kulkarni on their ongoing projects in Telangana and future expansion plans.
ITC is in negotiations with Finquest to acquire BILT assets.
Revanth Reddy assured that the government will extend all possible support to ITC for the successful revival of the BILT factory in Kamlapurum.
Ministers Anasuya and Konda Surekha, the Chief Secretary and senior officials attended the meeting.
The Kamlapuram Mill in Mulugu is a dedicated pulp mill manufacturing rayon grade pulp for the viscose staple fibre (VSF) industry.
The unit started commercial production in September 1981. Run by Ballapur Industries Ltd (BILT), the unit became sick and was closed in 2014. This affected the livelihoods of 750 worker families and hundreds of other families indirectly dependent on this factory.
Several attempts were made by the past government to revive the closed unit by extending incentives in 2015 and 2018 without any success. The case was referred to NCLAT which appointed Finquest Financial Solutions Pvt Ltd as the Interim Resolution Professional in 2020
Source: IANS
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