IDBI to auction Sirpur Kagaznagar Paper Milla��s assets on Feb. 16

Sirupur Kagaznagar:A�All preparations have been made to auction the closed Sirpur Kagaznagar Paper Mills, which was only paper mill inA�TelanganaA�State.

According to informed sources, the auction of assets of the mill will be held onA�February 16. The Industrial Development Bank ofA�IndiaA�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 fromA�January 23 to February 14 and the auction will take place onA�February 16.

The paper mill was closed two-and-a-half years ago as the management failed to run it due to heavy financial burden. It resulted in over 4,600 mill workers 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. a��NSS

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