Assam Govt decides to buy bankrupt Nagaon & Cachar Paper Mills

In a major move, the Assam government has decided to buy the beleageured Nagaon and Cachar paper mills. This decision was taken in a cabinet meeting that was held today

In a major move, the Assam government has decided to buy the beleageured Nagaon and Cachar paper mills. This decision was taken in a cabinet meeting that was held today under the chairmanship of Chief Minister Dr. Himanta Biswa Sarma.

The government would be buying both the paper mills at a cost of Rs 375 crores. On the other hand, pension would be given to the retired employees in a period of three months while a hundred other employees would be appointed in other state government departments. This was announced by state cabinet minister Pijush Hazarika.

Debt ridden and defunct Nagaon and Cachar paper mills of the government-owned Hindustan Paper Mill  Corporation have been closed since March 13, 2017 and October 20, 2015 respectively. The Assam Cabinet had already sanctioned Rs 700 crores for the employees and families of both the paper mills on September last year.

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