Centre approves HPC's greenfield Rs 2,600 cr plant in UP: Dev

Kolkata, May 30 (UNI) In a bid to reach a group sale turnover of Rs 3,000 crore, the Centre has approved a greenfield 3,00,000 tpa factory in Jagdishpur, Uttar Pradesh.

Speaking to UNI, Union Heavy Industries and Public Enterprises Minister Santosh Mohan Dev said, ''The project outlay for the factory is Rs 2,600 crore. The project would be on stream within 30 months of the Centre's approval.'' The Minister today held a review meeting with the HPC officials and expressed satisfaction at the company's performance. He also discussed modernisation and technological expansion of HPC.

HI&PE Secretary Dr Ramesh Chandra Panda and HPC CMD Raji Philip were also present at the meeting.

Mr Dev said the Centre has signed an MoU with HPC for 2007-08 for ensuring optimum utilisation of assets for funding modernisation and expansion of the installed capacity.

HPC has also embarked on a Rs 660 crore Modernisation and Technological Upgradation Plan(MTUP), including 30 per cent capacity expansion at NPM and recently l;aunched Rs 719 crore expansion-sum-diversification project(EDP) at Hindustan Newsprint Ltd(HNL).

Speaking on the revival of Nagaland Pulp and Paper Company Ltd(NPCC) in Tuli, he said, ''The government has approved the revival plan for Nagaland Pulp and Paper Corporation, a package of more than Rs 700 crore.'' The Union Heavy Industries and Public Enterprises Minister said BIFR has approved the revival plan. According to the scheme, the plant aims to double its installed capacity to 66,000 tpa by 2012.

The three operating mills, Nagaon Paper Mill(NPM), Cachar Paper Mill(CPM) and Hindustan Newsprint Ltd, have achieved a production of 3,20,880 tonnes exceeding the combined installed capacity of 3,00,000 tonnes for the fifth time in succession.

HPC sales figure has also crossed the Rs 10 billion mark for the second time and has touched Rs 1089 crore. In the last financial year, the pre-tax profit was Rs 170 crore.

UNI