"Telangana CM Engages in Discussions for Revival of Ailing Ballapur Industries Unit"

"Telangana CM Revanth Reddy Discusses Revival of Kamalapurum Pulp Mill with Ballapur Industries Limited (BILT) Officials"

Telangana Chief Minister A Revanth Reddy engaged in talks with senior officials from both the government and Ballapur Industries Limited (BILT) regarding the revival of the Kamalapurum Pulp Mill. The meeting included discussions with Hardik Patel, Managing Director of Finquest Financial Solutions Private Ltd, which currently holds BILT assets in the state following the order from NCLAT.

According to a statement from the Chief Minister's Office on Monday, Finquest Financial Solutions is in the process of disposing of BILT assets to potential investors. The Chief Minister expressed the government's commitment to facilitating the revival of the factory and urged the Finquest team to expedite the process.

The statement emphasized that the new government has prioritized the revival of ailing industrial units like the BILT Mill in Mulugu district to stimulate economic activity and generate local employment opportunities.

Revanth Reddy also held discussions with Vadiraj Kulkarni, CEO of ITC, PSPD (Paperboards and Specialty Papers Division), regarding their ongoing projects in Telangana and future expansion plans. It was revealed that ITC is in negotiations with Finquest to acquire BILT assets. The Chief Minister assured ITC of full support for the successful revival of the BILT factory in Kamalapurum.

The Kamalapuram Mill, which produced Rayon Grade Pulp for the Viscose Staple Fibre (VSF) industry, started commercial production in September 1981 but faced closure in 2014. The shutdown has impacted the livelihoods of 750 families and several others indirectly.

The statement highlighted past attempts by the government to revive the closed unit, including the extension of 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.

In a separate meeting, a delegation from Hindustan Coca-Cola Beverages (HCCB), led by Himanshu Priyadarshi, Chief of Public Affairs, Communications & Sustainability (PACS), briefed the Chief Minister about the company's plans for the state. HCCB stated that its total investments in the state amounted to ₹3,000 crore, including an ongoing greenfield project in Bandatimmapur, Siddipet district. The Chief Minister assured the HCCB delegation of all necessary assistance to ensure the smooth rollout of its projects in the state, emphasizing an ease of doing business.

HBL