Chief Minister Revanth Reddy held a review meeting with senior officials on the status of the revival of Kamlapurum Pulp Mill of M/S Ballapur Industries Limited (BILT).
The new government has prioritized the revival of sick industrial units like BILT Mill in Mulugu district to boost economic activity and provide local employment.
In this context, Hon’ble Chief Minister held a meeting with Mr 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.
CM expressed the government’s strong desire to facilitate the revival of the factory and requested Finquest team to expedite the process.
Chief Minister also had discussions with CEO of ITC, PSPD (Paperboards and Specialty Papers Division) Mr Vadiraj Kulkarni on their ongoing projects in Telangana and future expansions plans. ITC is in negotiations with Finquest to acquire BILT assets.
CM assured to extend all possible support to ITC for the successful revival of the BILT factory in Kamlapurum.
Ministers Ms. Anasuya and Smt .Konda Surekha, Chief Secretary, PrlSecy Industries, Spl Secretary, Industries, CMO officials, Collector, Mulugu were also present in the meetings.
About BILT unit
The Kamlapuram 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 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 past government 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.
