Live
- GMR Airports Unveils AI-Powered Digital Twin Platform to Transform Airport Operations
- India poised to become leading maritime player: PM Modi
- Top Causes of Kidney Stones and How to Recognize Silent Symptoms
- India’s renewable energy capacity logs 14.2 pc growth at 213.7 GW
- Winter Session of Odisha Assembly adjourned sine die
- Biden calls Trump's tariff approach 'major mistake'
- After Drama Over Eknath Shinde’s Chief Minister Race, Maharashtra Cabinet Formation Faces New Tensions
- Egyptian FM, Blinken discuss recent developments in Syria
- Iran's supreme leader says Syria's developments result of US-Israeli 'plot'
- Elon Musk to Purchase $100 Million Luxury Mansion Next to Donald Trump's Mar-a-Lago, Report Reveals
ITC move rekindles hopes of Sirpur Paper Mill staff
With the news trickling out that the ITC, a diversified multi-business conglomerate with a market capitalisation of US $45 billion, is evaluating a potential buyout of the Sirpur Paper Mill (SPM), the hopes of the otherwise brokenhearted 3,000-odd employees of the mill appear to have been brought back to life.
Adilabad: With the news trickling out that the ITC, a diversified multi-business conglomerate with a market capitalisation of US $45 billion, is evaluating a potential buyout of the Sirpur Paper Mill (SPM), the hopes of the otherwise brokenhearted 3,000-odd employees of the mill appear to have been brought back to life.
It might be noted here that the Poddar Group-owned SPM mill, one of the oldest in the country established by the Nizam in 1936, was closed with effect from September 28, 2014. Since then the employees are up against the government demanding measures to revive the mill. In all, more than 10,000 people are directly or indirectly dependent on the mill.
In a bid to revive the mill, the state government had conducted a series of meetings with the representatives of some companies - Czech Paper Manufacturer Papcel, JK Paper Mills and ITC, who evinced interest in taking over the unit. Against this backdrop,
the officials of ITC Paperboards and Specialty Papers Division (PSPD) visited the unit recently for a technical evaluation. However, the officials are tightlipped about the developments; it’s learnt that the company is examining the pros and cons of acquiring the unit.
Sources in the industry said that ITC is keen to take over the SPM as its expansion plans at PSPD Bhadrachalam were hit a roadblock due to environmental clearances. In this backdrop, the government was reportedly approached the ITC to consider taking over SPM.
Stating that he was not the competent authority to speak on the buyout of the SPM, the ITC General Manager (Personnel) Vijaya Saradhi told The Hans India: “The plans of doubling the unit capacity of the PSPD in Bhadrachalam are intact and the company has been trying to get the environmental clearances for the last couple of years.”
