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The Telangana government has approached ITC to consider takeover of the ailing The Sirpur Paper Mills Limited located at Kagaznagar, according to Government sources.
ITC and some more paper companies have been approached to consider the possible buyout to revive the company and save more than 3,000 employees and their families dependant on the paper mill.
ITC, which has been seeking to expand its manufacturing capacity with a new project adjacent the existing one at Bhadrachalam, is awaiting necessary clearances, particularly environmental, to take up the project. The project entails taking over some of the forest land. That being the case, ITC may find the acquisition attractive.
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