Revanth Reddy pushes for revival of BILT's Kamlapuram pulp mill

HYDERABAD: To boost economic activity and provide employment opportunities, Telangana Chief Minister Revanth Reddy chaired a comprehensive review meeting with top officials to assess progress on the revival of the Kamlapuram Pulp Mill owned by M/s Ballapur Industries Limited (BILT) on Monday.

The State Government has placed high priority on revitalising struggling industrial units like the BILT Mill in Mulugu district, recognising its significance in driving local economic growth.

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During the meeting, the Chief Minister engaged with Hardik Patel, managing director of Finquest Financial Solutions Pvt Ltd, which has taken possession of BILT's assets in the State according to an order from the National Company Law Appellate Tribunal (NCLAT). The company is actively working towards disposing these assets to potential investors. Expressing strong support, Revanth Reddy urged the Finquest team to accelerate the revival process of the factory.

Further discussions were held between the Chief Minister and Vadiraj Kulkarni, CEO of ITC's PSPD (Paperboards and Specialty Papers Division), regarding ITC's ongoing projects in Telangana and its potential plans for expansion. ITC is currently in negotiations with Finquest to acquire BILT's assets.

Reaffirming the Government's commitment, Revanth assured full cooperation and support to ITC for the successful reestablishment of the BILT factory in Kamlapuram.

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Kamlapuram Mill in Mulugu District specialises in manufacturing Rayon Grade Pulp for the Viscose Staple fibre (VSF) industry. Having commenced operations in September 1981 under M/s Ballapur Industries Limited (BILT), the unit faced financial difficulties leading to its closure in 2014. The shutdown significantly impacted the livelihoods of 750 worker families and numerous indirect dependents.

Despite the previous Government's efforts, including incentives extended in 2015 and 2018, attempts to revive the unit proved unsuccessful. Subsequently, the case was referred to NCLAT, appointing Finquest Financial Solutions Pvt Ltd as the interim resolution professional in 2020.