Nagaon & Cachar Paper Mills to be handed over to Pvt Sector

Guwahati/New Delhi, Feb 20: The deadlock over the much discussed Nagaon and Cachar Paper Mills might soon be over as Central Heavy Industries & Public Sector Enterprises Minister, Anant Gangaram Geete in Delhi declared that the Mills will soon be revived.
“Operation and Management Units will be soon handed over to Private Sectors.”, declared the Union Minister in a press meet on Tuesday in New Delhi.
The pending salaries of the workers will also be soon considered, hinted the Minster while talking to media persons.
Earlier, a revival plan was initiated by the Government of India (GOI) for Hindustan Paper Corporation for around Rs 1,000 crore. It was initiated by GOI through the involvement of private sectors in certain activities and settlement of the pending dues of the people working in the Paper Corporation.
The revival plan was given a clean chit in a meeting of the inter-ministerial group which was chaired by Prime Minister. It is to be noted that Government’s NITI Aayog has been entrusted with the overseeing of the implementation of the revival plan.
It was reported that a cabinet note was prepared for settlement of the company liabilities which is around Rs 1,000 crore. It will also include payment of the salaries to its 1,500 odd employees along with the outstanding statutory bank liabilities.
Production in both the mills has been suspended since October 2015 and March 2017, due to shortage of working capital.
Presently, the government is planning to rope in private players through contracts which will be given to them for carrying out procurement and due diligence activities. Hindustan Paper group has four paper mills, two of which are units and two are subsidiary companies.

Source: TIME8

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