CM Revanth Reddy promises to revival of sick industrial units

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Hyderabad, Jan.8 (PMI): Chief Minister Revanth Reddy has informed that the State government is committed to revival of sick industrial units in Telangana aimed at providing employment to the local people.

            The Chief Minister held a review with senior officials on the status of revival of Kamlapurum Pulp Mill of M/S Ballapur Industries Limited (BILT) at the Secretariat here on Monday.

            Speaking on the occasion, he said 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, 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 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 Finquest team to expedite the process.

            He 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.

            He assured them to extend all possible support to ITC for the successful revival of the BILT factory in Kamlapurum.

            Ministers Seethakka and Konda Surekha, Chief Secretary Santhi Kumari, PrlSecy Industries, Spl Secretary, Industries, CMO officials, Collector, Mulugu were also present in the meetings.

            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 previous 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. (PMI)