GOI initiates 1,000 crore plan for Hindustan Paper Corporation

Guwahati/ 2nd October’2017 (Prag News Desk): Government of India (GOI) has initiated a revival plan for Hindustan Paper Corporation. The project that has been initiated at an estimate at around Rs 1,000 crore.

The plan that has been given a green-go at a cabinet meeting chaired by the Prime Minister, GOI initiative will cover private sectors in certain activities and settlement of the pending dues of the people working in the Paper Corporation.

It is to be noted that Government’s NITI Aayog has been entrusted with the overseeing of the implementation of the revival plan.
In this plan, the governmentwill rope in private players through contracts 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.
The cabinet has prepared a note for the 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. The production in both the mills has been suspended since October 2015 and March 2017, due to shortage of working capital.

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