Telangana State Government To Revive Sirpur Paper Mills

March 21, 2017 11:49
Telangana State Government To Revive Sirpur Paper Mills

The Telangana State government has taken measures to revive the industrial unit of Sirpur Paper Mills Limited.

Located in Kagaznagar, Adilabad district, the paper mills was shut down in 2014, which was providing direct employment to more than 2,000 workers.

The Telangana Industries Minister KT Rama Rao, has assured that, all the necessary action will be taken, and support will be provided from the State Government in setting up the paper mill again.

The Minister even had a review meeting with the bankers, and instructed the officials and bankers to come out with proposals for revival of the industry.

Representatives of two leading paper manufacturers ITC and JK Paper along with, State Backward Classes Welfare Minister Jogu Ramanna, and others have participated, at the review meeting.

KTR promised to resolve all the ailing industries in the State and ensured uninterrupted power supply is made to the paper industry.  

He also added that, it was crucial to revive the mill it at any cost, including by, finding a suitor. Those who had lost their jobs after the closure of the industry, would be taken back.

The government would also give, the guarantee to the banks and private industries if they come forward, to offer any help in starting the paper mill.

According to a statement from the Government, the Industries Minister added that few concessions given to new industries, will also be offered to the Sirpur Paper Mills company, to ensure its revival.

Additionally, the Government even contended that the management of the paper company was responsible for its closure, despite all the necessary requirements, including raw materials it had, to run a successful business.

The Telangana State Government has made efforts to revive the mills by roping in a strategic partner, following suppression of the lenders for its payment defaults, on the paper mill.

The company has been suffering from huge losses and its assets have fully eroded. Lenders have even made a statement to move and sell the property.

By Supraja

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