ITC's mega investment in a paper and pulp project likely in Uttarakhand

  • IANS
  • Stock Market News
ITC's mega investment in a paper and pulp project likely in Uttarakhand
Credit: © Reuters.

New Delhi, Jan 23 (IANS) The recently concluded Uttarakhand Global Investors Summit held in Dehradun saw major companies like ITC, Adani Group, JSW, Patanjali and Emaar India announce strategic investment proposals.

In line with this, Chief Minister Pushkar Singh Dhami had urged ITC, one of India’s top business conglomerates, to explore investment opportunities in Uttarakhand. However, according to media reports, Uttarakhand may have to stave off competition from Telangana for the paper and pulp project. Telangana Chief Minister A Revanth Reddy is reportedly wooing ITC to invest in Telangana instead of Uttarakhand by taking over the struggling Kamalapuram Pulp Mill, currently owned by Ballarpur Industries (NS: BILT ) Limited.

The Telangana government is also reportedly offering an extremely attractive package to ensure a viable project to revive the Ballarpur Mill as the newly elected government seeks to boost employment opportunities in Telangana.

ITC officials remain tight-lipped about the situation and have not shared any information related to the project.

ITC’s proposal has progressed to the Chief Secretary’s office and State Infrastructure and Industrial Development Corporation of Uttarakhand Limited. Multiple rounds of negotiations have already taken place between the officials of both parties. Concerned authorities are actively evaluating the project’s viability to ensure its sustainability.

ITC is the country’s leading player in the segment. Its Bhadrachalam facility is today the largest integrated pulp and paper plant in the country. It commenced operations in 1979 with a capacity of 0.4 lakh Metric Ton (MT) per annum and today manufactures 8 lakh MT per annum of paper & paperboard and 6 lakh MT per annum of pulp. The plant employs more than 6000 (direct + indirect) people and supports further indirect employment of around 5000 through 25 ancillary MSMEs/transporters in the area. It has transformed the socio-economic scenario of the region.

ITC's investment in establishing a paper unit in Uttarakhand is poised to serve as a catalyst for significant socio-economic development in the region. The infusion of financial resources and technological expertise by ITC into this venture is anticipated to create a ripple effect across various sectors, fostering job creation, skill development and economic empowerment for the local population.

The ITC project is also likely to create a robust ecosystem, engaging local suppliers, businesses and communities. Moreover, ITC's commitment to sustainable practices and adherence to global standards will likely set a benchmark for environmentally responsible industrial operations in Uttarakhand.

--IANS

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  • DTangled Sarjapur @DTangled Sarjapur
    A commendable move by ITC with their mega investment in a paper and pulp project, potentially in Uttarakhand. This initiative not only reflects their commitment to industry growth but also holds the promise of boosting economic development in the region.
    Like 0

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