Comments
The Telangana government has offered subsidy worth Rs 30 crore per annum to Ballarpur Industries Ltd to restart operations at the company’s Kamalapuram unit in Warangal district of the State.
The papermaker had temporarily shut down its unit due to adverse global and Indian market conditions for rayon grade pulp and viscose staple fibre manufactured at the plant.
The Telangana government has agreed to extend incentive of Rs 30 crore to the company for resuming manufacturing at the plant. This includes a subsidy of Rs 9 crore per annum on supply of power and Rs 21 crore subsidy per annum on wood pulp.
B Hariharan, Group Director, Finance, in the filing made with the BSE, has informed that the subsidies are subject to completion of certain formalities and conditions. The State will extend this subsidy to the company for seven years.
The proposals include a detailed revival plan and commencement of operations within a year to claim the incentives.
The Government decision comes in the backdrop of the Chief Minister K Chandrasekhar Rao deciding to revive the project to support the employees and their families. Leaders from Warangal district met the Chief Minister and thanked him for extending the subsidy.
The State government has said that about 2,000 employees and workers in Ballarpur Industries would benefit from the revival of the unit.
The Telangana government is also seeking to revive The Sirpur Paper Mills located at Kagaznagar.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.