On behalf of the Assam government, AIDC has taken over the assets of Nagaon and Cachar Paper Mills.
Guwahati: After long and sustained efforts, dialogues and meetings, Assam Government has finally taken over the assets of Hindustan Paper Corporation Limited (HPCL) Nagaon and Cachar Paper Mills on Monday.
On behalf of the Assam government, AIDC has taken over the assets of Nagaon and Cachar Paper Mills.
Meanwhile, Adil Khan, MD, AIDC and MoloyRanjan Thakur, authorized person of official liquidator KuldeepVerma signed an understanding in presence of Chandra Mohan Patowary, Minister of Industries, Commerce and Public Enterprises Department and Principal Secretary Dr KK Dwivedi at Nagaon Paper Mill, Jagiroad.
In the meantime, a team of AIDC officials has also taken over the assets of Cachar Paper Mill at Panchgram today.An agreement was signed between the representatives of officers and supervisors’ associations and workers unions of the HPC Limited (in liquidation) and the Government of Assam.
The relief package of Rs 700 crores was accorded approval in the cabinet meeting held on September 30, 2021.The government of Assam has paid the amount of Rs 375 crores and will be distributed by the liquidator as per the norms of Insolvency and Bankruptcy Code (IBC) 2016.
The remaining amount of Rs 700 crores will be utilized in clearing the dues of employees and workers of HPC. Government of Assam also plans to develop the land to promote industrial and economic activities to accelerate the growth of the region.
The land area of the paper mill at NagaonPaper Mill is 1765 bigha, 33 katha and 24 lessa. Land area of Cachar Paper Mill is 2916 bigha, 1 katha and 7 lessa. Total land area of both the paper mills is 4681 bigha, 34 katha and 17 lessa