Updated By: LatestGKGS Desk
CCEA approved budgetary support to Nepa Limited for the Revival & Mill Development
CCEA approved budgetary support to Nepa Limited for the Revival & Mill Development: Details, Highlights
The Cabinet Committee on Economic Affairs (CCEA) chaired by PM Narendra Modi on 4th October 2018, gave its approval for providing a financial package of Rs 469.41 crore for the Revival and Mill Development Plan (RMDP) of Nepa Limited, a public sector newsprint company located in Nepanagar, Madhya Pradesh.
It will infuse Rs 277 crore as equity in the company for the completion of RMDP which shall enhance production capacity to 100000 MT per annum from the present capacity of 83000 MT per annum.
It will diversify production, improve the quality of products and also help resume production at Nepa Ltd.
The RMDP is expected to be completed within a year.
A loan of Rs 101.58 crore has also been approved for the payment of salary, wages, etc. This will mitigate the hardship being faced by the Nepa Ltd employees.
A sum of Rs 90.83 crore was approved for the voluntary retirement scheme of 400 employees.
The CCEA also approved strategic disinvestment of NEPA Ltd on completion of the RMDP at an appropriate time.
The completion of the RMDP will help Nepa Ltd to command a better presence in the market besides supporting employment in the tribal belt of Madhya Pradesh.
Madhya Pradesh
Capital: Bhopal
Largest City: Indore
Districts: 52
Governor: Anandiben Patel
Chief Minister: Shivraj Singh Chouhan
