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IDBI to auction assets of Sirpur Kagaznagar Mill
 
Sirupur Kagaznagar: All preparations were made to auction the closed Sirpur Kagaznagar Paper Mills, which was only paper mill in Telangana State. 

According to informed sources, the auction of assets of the Mill will be held on February 16. The Industrial Development Bank of India was making preparations in this regard sending shockwaves to the workers who solely depended on the Mill. The IDBI invited e-procurement tenders on behalf of Banks Consortium as the Paper Mill management had failed to pay Rs 422 crore arrears of loans taken by it from various banks. The IDBI has given time to submit the bids from January 23 to February 14 and the auction will take place on February 16.

It may be recalled that the Paper Mill was closed two-and-a-half years ago as the management failed to run the Mill due to heavy financial burden. It resulted in over 4,600 workers of the Mill losing their jobs. Curiously, the e-tender announcement was made when the State government announced that it would give various subsidies to those who reopened the Mill.


Tags: IDBI, Sirpur Kagaznagar Paper Mills, Telangana State, Industrial Development Bank of India
 

    
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