CM Revanth keen on reviving Kamalapuram Pulp Mill of BILT in Mulugu, providing jobs to locals
Several attempts were made by the past government to revive the closed unit by extending incentives in 2015 and 2018 without any success.
By Newsmeter Network Published on 8 Jan 2024 12:52 PM GMT
Several attempts were made by the past government to revive the closed unit by extending incentives in 2015 and 2018 without any success.Hyderabad: Telangana Chief Minister A Revanth Reddy said that the State government is going to prioritise the revival of sick industrial units like BILT Mill in Mulugu district to boost economic activity and provide local employment.
On Monday, CM Revanth held a review meeting with senior officials on the status of the revival of Kamalapuram Pulp Mill of Ballarpur Industries Limited (BILT).
The meeting was also attended by Hardik Patel, MD of Finquest Financial Solutions Pvt Ltd which secured BILT assets in the state following the order from the National Company Law Appellate Tribunal (NCLAT) and is in the process of disposing it to potential investors. CM Revanth expressed the government’s strong desire to facilitate the revival of the factory and requested the Finquest team to expedite the process.
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. Under Ballarpur Industries Limited (BILT), the unit went into financial disrepair and was closed in 2014, which affected the livelihoods of 750 worker families and hundreds of others dependent on the 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.
The CM also held discussions with Vadiraj Kulkarni, CEO of ITC, PSPD (Paperboards and Specialty Papers Division) on their ongoing projects in Telangana and future expansion plans. ITC is in negotiations with Finquest to acquire BILT assets.
The CM assured to extend all possible support to ITC for the successful revival of the BILT factory in Kamlapurum. Ministers Anasuya and Smt. Konda Surekha, chief secretary, principal secretary of Industries, special secretary of Industries, CMO officials, Mulugu collector and other officials concerned were also present.
