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Assam: ₹700 Crore Reserve Price for Paper Mills at Jagiroad and Panchgram

The Hindustan Paper Corporation (HPC) liquidator Kuldeep Verma has set a ₹700 crore reserve price for the paper mills in Assam’s Jagiroad and the industrial township of Panchgram.

Assam: ₹700 Crore Reserve Price for Paper Mills at Jagiroad and Panchgram

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  25 Nov 2021 1:11 PM GMT

GUWAHATI: Jagiroad and Panchgram paper mills in Assam are set to go for e auction on 24 December, the Hindustan Paper Corporation (HPC) liquidator Kuldeep Verma has set a ₹700 crore reserve price.

Earlier the Assam government had proposed an amount of Rs 300 crore to buy the movable and immovable assets of the two paper mills. Even Liquidator Kuldeep Verma recived an letter by the Assam industrial development corporation (AIDC) on November 11.

The Nagaon Paper Mill, according to official sources, requires 600 metric tones of coal per day to run its operations. However, due to a financial difficulty in obtaining the fuel needed to run the mill, the country's largest public sector paper factory was halted. It was having a loss of Rs15 crore per day and lack of raw materials. Later, the locals also demanded for a corruption free authority to look after the mill but it came to an end.

Chief Minister of Assam Biswa Sarma in a meeting, months ago decided to give the relief package to all the employees of HPC and acquire land and other assets of HPC.

The state cabinet approved the quantum of relief package will be assessed based on the PF, Gratuity, pension, salaries and other dues as claimed and admitted before liquidator. The relief will also be given to the schoolteachers, contractual co-operative's workers of HPC. Government of Assam will also facilitate the workers/employees, who have not completed their service in getting jobs in the new industries to be established in HPC land.

Earlier The Assam unit of Congress has asked Prime Minister Narendra Modi to stop the auction of two closed mills of the Hindustan Paper Corporation (HPC) in the State. The Joint Action Committee of Recognised Unions (JACRU), the apex body of employees of the Nagaon Paper Mill at Jagiroad near Guwahati and Cachar Paper Mill at Panchgram near Silchar.

Also Read: Jagiroad Paper Mill Hospital gets ready for COVID patients

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