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TS govt steps in to revive Kamapalapuram Pulp millin Mulugu
CM Revanth Reddy holds with Hardik Patel, MD of Finquest Financial Solutions Pvt Ltd which has secured BILT assets
Hyderabad: The State government has decided to revive the sick industry -Kamalapuram Pulp Mill of M/S Ballarpur Industries Limited (BILT) in Mulugu district to boost the economic activity and provide local employment.
Chief Minister A Revanth Reddy 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 CM expressed the government’s strong desire to facilitate the revival of the factory and requested Finquest team to expedite the process.
The 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 was holding negotiations with Finquest to acquire BILT assets. Revanth assured to extend all possible support to ITC for the successful revival of the BILT factory in Kamalapuram.
The KamalapuramMill in Mulugu District was 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 governments 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.
