CM Revanth Reddy holds meeting on Ballapur industries
Telangana government is according priority to revive sick industrial units, including Ballapur Industries Limited (BILT) Mill in Mulugu district to boost economic activity and provide employment to locals
Hyderabad: The State government is according priority to revive sick industrial units, including Ballapur Industries Limited (BILT) Mill in Mulugu district to boost economic activity and provide employment to locals.
Accordingly, Chief Minister A Revanth Reddy held a meeting with senior officials on the status of Kamalapuram Pulp Mill of Ballapur Industries Limited (BILT)’s revival on Monday. Hardik Patel, MD of Finquest Financial Solutions Private Limited, which has secured BILT assets in the State following the order from NCLAT and is in the process of disposing it to potential investors, participated in the meeting.
The Chief Minister expressed the government’s strong desire to facilitate the revival of the factory and wanted the Finquest team to expedite the process.
He also had discussions with ITC CEO (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.
The Chief Minister assured to extend all support to ITC for the successful revival of the BILT factory in Kamalapuram.
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. Operated by BILT, the unit became sick and was closed in 2014. The closure of the unit has affected the livelihoods of 750 worker families, besides many families were indirectly 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 Private Limited as the Interim Resolution Professional in 2020.
