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Expresses satisfaction at the progress made towards modernisation, technical upgradation

Kolkata June 1

Mr Santosh Mohan Dev, Union Minister for Heavy Industries and Public Enterprises, has expressed satisfaction at the progress made by Hindustan Paper Corporation (HPC) towards modernisation and technical upgradation of its two mills in Assam with an outlay of about Rs 660 crore, and the Rs 720-crore expansion-cum-diversification project of its wholly owned subsidiary at Kerala — Hindustan Newsprint Ltd.

During his visit to the corporate headquarters of HPC, Mr Dev also reviewed the performance of the corporation and its future plans. He was accompanied by Dr R. C. Panda, Secretary, and other senior officials of the Ministry.

Referring to the revival plan for Nagaland Pulp & Paper Co Ltd (NPPC), which has just come out from the purview of Board for Industrial and Financial Reconstruction (BIFR), the Minister said that a package for infusion of Rs 552 crore had been approved. BIFR has cleared NPPC revival proposal. He desired that the process of revival should be started immediately.

Centre's commitment

He also reiterated the Centre's commitment to a strong and effective public sector whose social objectives were met by its commercial functioning. He added that the Government was also pledged to devolve full managerial and commercial autonomy to successful profit making companies operating in a competitive environment. A HPC press note has stated that for the fiscal ended March 2007, the company has shown spectacular results wherein the three operating mills — Nagaon Paper Mill, Cachar Paper Mill 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. The corporation's HPC sales figures have also crossed the Rs 1,000 crore mark for the second time and have touched Rs 1,102 crore. The pre-tax profit in 1996-97 was Rs 15 crore.

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