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Telangana Chief Minister A Revanth Reddy held discussions with senior officials of the Government and Ballapur Industries Limited (BILT) on the revival of Kamalapurum Pulp Mill. Hardik Patel, Managing Director of Finquest Financial Solutions Private Ltd, which secured BILT assets in the State following the order from NCLAT, was present.
“The company is in the process of disposing it to potential investors. The Chief Minister said that the government would facilitate the revival of the factory and requested Finquest team to expedite the process,” a Chief Minister’s Office statement said on Monday.
“The new government has prioritised the revival of sick industrial units like BILT Mill in Mulugu district to boost economic activity and provide local employment,” it said.
The Chief Minister also held discussions with Vadiraj Kulkarni, Chief Executive Officer of ITC, PSPD (Paperboards and Specialty Papers Division) on their ongoing projects in Telangana and future expansions plans.
“ITC is in negotiations with Finquest to acquire BILT assets. Chief Minister assured to extend all possible support to ITC for the successful revival of the BILT factory in Kamalapurum,” it said.
The Kamalapuram Mill manufactured Rayon Grade Pulp for the Viscose Staple fibre (VSF) industry. The unit started commercial production in September 1981 but turned sick and was closed in 2014. The closure of the unit has affected the livelihoods of 750 families and hundreds of others indirectly.
“Several attempts were made by the past government to revive the closed unit by extending incentives in 2015 and 2018. The case was referred to NCLAT which appointed Finquest Financial Solutions Pvt Ltd as the Interim Resolution Professional in 2020,” the statement said.
Coca-Cola plans
Meanwhile, a Hindustan Coca-Cola Beverages (HCCB) delegation lead by Himanshu Priyadarshi, Chief of Public Affairs, Communications & Sustainability (PACS), met the Chief Minister and briefed him about the company’s plans for the State.
He said that the company’s total investments in the State stood at ₹3,000 crore, which includes the ongoing green field project at Bandatimmapur in Siddipet district.
The Chief Minister assured the delegation of all help, ensuring ease of doing to facilitate smooth roll out of its projects in the State.
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