STAFF REPORTER
GUWAHATI: The auction value of the Hindustan Paper Corporation Limited's (HPCL) subsidiaries, the Nagaon and Cachar paper mills, and their assets outside Assam have plummeted over the last seven months or so.
The Liquidator overseeing the auction, Kuldeep Verma has pegged the value of the two paper mills and their assets at Rs 530.97 crore in the Sale Notice dated January 7.
Talking to The Sentinel, Joint Action Committee of Recognised Unions (JACRU), Nagaon and Cachar Paper Mills president Manobendra Chakraborty said that the paper mills' property was valued at Rs 1,139 crore in the first Sale Notice dated June 1, 2021.
Chakraborty said that due to lack of interested buyers, the estimated auction value has kept decreasing steadily. He mentioned that the estimated value was Rs 969 crore on June 22, 2021; Rs 786.18 crore on November 25, 2021; Rs 707.59 crore on December 9, 2021; Rs 589.76 crore on December 21, 2021; and finally the estimated value has dropped to Rs 530.97 crore as on January 7, 2022.
Chakraborty expressed sorrow that the Government has not shown any interest in reviving the two paper mills of Assam and mentioned that the Kerela Government has taken steps to revive a defunct paper mill of that State. Chakraborty also expressed regret at the fact the Government of Assam has taken any action to fulfil its assurance of providing a financial relief package worth Rs 570 crore within two months to the distressed employees of the two paper mills.
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