E-Paper
Decision on Elgin mill-I restarting this week
THE FINAL decision on the restart process of Elgin Mill (I) is likely to come in the first week of June, after meeting all concerned. According to sources, the meeting was likely to be held soon. The major hurdle coming in the way was a loan of Rs 1.5 crore that Elgin authorities had taken a long time back. Over a period of time and with interest, it has grown to a mammoth Rs 20 crore.
THE FINAL decision on the restart process of Elgin Mill (I) is likely to come in the first week of June, after meeting all concerned.
According to sources, the meeting was likely to be held soon. The major hurdle coming in the way was a loan of Rs 1.5 crore that Elgin authorities had taken a long time back. Over a period of time and with interest, it has grown to a mammoth Rs 20 crore.
Talking to the Hindustan Times, senior manager (legal) RK Mishra, who is a member of the revival committee of Elgin Mill (I) said, “all necessary preparation has been done from our end. The only thing left was to pursue bankers for some kind of concession on the loan amount.
Therefore, efforts are on to conduct the meeting with all parties concerned. If things went according to plan, then the revival programme of the mill would start immediately after the meeting.
Mill subsidiaries — British India Corporation, Elgin Mill (I) and Elgin (II) was shut down following huge loss in 1991.
However, during the time of the National Democratic Alliance (NDA) Government at the Center, it was decided that one of the mills (Elgin Mill-I) would be restarted.
The necessary finance for the modification and restart of the mill was likely to be arranged through the sale of excess property of the mill and aid from the government.