Hyderabad, Sept 5 (Munsif News): Chief Minister K. Chandrasekhar Rao has signed for the revival of Ballarpur Industries Limited (BILT) of Warangal. The Industry was closed since April 2014 and it was producing the Rayon Grade/Paper Grade Pulp and Paper.
Principal Secretary to Industries, Jayesh Ranjan said that due to closer of this Industry about 750 employees became jobless, hence it has been decided to revive and some special incentives
are given in order to ensure the viability and immediate revival of Industry
The government has agreed to give consolidated subsidy of Rs. 21 crores per year for a period of 7 years towards supply of pulp wood, Power subsidy of Rs. 9 crores per annum for a period of 7 years, subsidy of Rs. 1000 per metric tonne on coal for a average annual consumption of 150,000 Metric tonnes this is also for 7 years.
The company plans to invest Rs. 125 crores for modification in plant and machinery . 10 per cent of this investment, that is Rs. 12.5 crores provided as Investment subsidy. the company will pay Rs. 10 crores immediately out of the total due of Rs. 34.5 crores Commercial taxes and the balance shall paid in 60 interest fgree monthly instalments. All the penalties, interest and surcharges is waived off. The power dues of Rs. 3.34 crores in which the company will pay Rs. one crore immediately and the remaining balance in 30 monthly instalments, the dues of Forest department of Rs. 4.75 crores will be paid in 36 monthly interest free instalments after moratorium of two years, all the penalties, interest and surcharges waived off.
All the concessions and collection of statutory dues come into effect from the date of commencement of commercial operations, the company should submit detailed timelines and implementation plan for revival. (Munsif News)