Government's Strong Stand on Economic Resurgence: Telangana's  Chief Minister conducts a comprehensive review session with senior officials, emphasizing the urgency of reviving the Kamlapurum Pulp Mill of Ballapur Industries Limited (BILT). The move is part of the government's commitment to rejuvenate ailing industrial units, fostering economic activity and local employment.

Strategic Collaboration with Finquest Financial Solutions: In a significant step towards the revival process, the Chief Minister engages in a meeting with Hardik Patel, MD of Finquest Financial Solutions Pvt Ltd, the entity currently handling the disposal of BILT assets. The government expresses a keen interest in expediting the revival process and urges Finquest to collaborate efficiently in this crucial endeavor.

ITC's Potential Involvement in the Revival: The Chief Minister holds discussions with  Vadiraj Kulkarni, CEO of ITC's PSPD (Paperboards and Specialty Papers Division), exploring ongoing projects in Telangana and potential expansion plans. Notably, ITC is in negotiations with Finquest to acquire BILT assets, and the Chief Minister assures unwavering support to ITC for the successful revival of the Kamlapurum Pulp Mill.

Telangana  Chief Minister Revanth Reddy held a review with senior officials on the status of revival of Kamlapurum Pulp Mill of  Ballapur Industries Limited (BILT). 

The new 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, Hon’ble 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 NCLAT and is in the process of disposing it to potential investors.  CM expressed the government’s strong desire to facilitate the revival of the factory and requested Finquest team to expedite the process. 
Hon’ble Chief Minister also had discussions with CEO of ITC, PSPD (Paperboards and Specialty Papers Division)  Vadiraj Kulkarni on their ongoing projects in Telangana and future expansions plans. ITC is in negotiations with Finquest to acquire BILT assets.  CM assured to extend all possible support to ITC for the successful revival of the BILT factory in Kamlapurum.

Ministers Dhanasari Anasuya and Konda Surekha, Chief Secretary, PrlSecy Industries, Spl Secretary, Industries, CMO officials, Collector, Mulugu were also present in the meetings.  
About BILT unit 
The Kamlapuram 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 September1981. Run by M/s Ballapur Industries Limited (BILT) the unit became sick and was closed in 2014. The closure of the unit has affected the livelihoods of 750 worker families and 100s of indirect family’s dependent on this factory. 
Several attempts were made by the past government to revive the closed unit by extending incentives in 2015 & 2018 without any success. The case was referred to NCLAT which appointed Finquest Financial Solutions Pvt Ltd as the Interim Resolution Professional in 2020.

Post a Comment

Previous Post Next Post