Telangana Chief Minister Revanth Reddy today said that the State government was committed to the revival of the sick industrial units in Telangana to provide employment to the local people.
The Chief Minister held a review with senior officials at the Secretariat on the status of the revival of Kamalapuram Pulp Mill of M/S Ballarpur Industries Limited (BILT).
Speaking on the occasion, he said that the new government had prioritised the revival of sick industrial units like the 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's assets in the State following the order from the NCLAT and is in the process of disposing it to potential investors.
The Chief Minister expressed the government's strong desire to facilitate the revival of the factory, and requested the Finquest team to expedite the process.
He also had discussions with the CEO of ITC's PSPD (Paperboards and Specialty Papers Division) Vadiraj Kulkarni on the company's ongoing projects in Telangana and future expansion plans. ITC is in negotiations with Finquest to acquire BILT's assets.
He assured all possible support to ITC for the successful revival of the BILT factory in Kamalapuram.
Ministers Seethakka and Konda Surekha, Chief Secretary Santhi Kumari, the Principal Secretary Industries, the Special Secretary of Industries, CMO officials, and the Mulugu Collector were also present in the meetings.
The Kamalapuram mill in Mulugu district 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 BILT, the unit became sick and was closed in 2014. The closure of the unit affected the livelihoods of 750 worker families and hundreds of indirect families dependent on the factory.
Several attempts were made by the previous government to revive the closed unit by extending incentives in 2015 and 2018, but with no success. The case was referred to the NCLAT which appointed Finquest Financial Solutions Pvt Ltd as the Interim Resolution Professional in 2020.
filed in:Telangana, Revanth Reddy, Industry & Business, Employment