Nagaon & Cachar Paper Mills will go up for auction | Assam Current affairs 2021
Assam Current affairs 2021 : In todays Assam Current affairs season we will discuss about Nagaon and cachar paper mills.
• The two paper mills of Assam, Nagaon, and Cachar, under the Hindustan Paper Corporation, shall be e-auctioned as scrap on June 30.
• As per a bidding notification, the action will be held on mtscecommerce.com. While the reserve price has been set at Rs 1,139 crore, the EMD amount has been set at Rs 55 crores, and the minimum incremental bid is Rs 1 crore.
End of an Era:
Notably in the heydays, both the paper mills used to produce 2,00,000 tonnes of newsprint, however, since over the past 4 years due to the financial crunch, there were no salary and 87 employees died not getting proper medical treatment, in which four of them were forced to commit suicide.
The employees of the Nagaon Paper Mill and the Cachar Paper Mill, which closed in October 2015, have not received their salaries and other dues since February 2017 and December 2016 respectively. Both mills were owned by the Central government-controlled Hindustan Paper Corporation Limited (HPCL) and were closed due to a shortage of working capital.