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Telangana State facilitates Bheema Cements’ revival
The Telangana government on Wednesday cleared decks for the revival of Bheema Cements Ltd which had to shut down its operations in 2014 due to non-payment of power bills and taxes.
Hyderabad: The Telangana government on Wednesday cleared decks for the revival of Bheema Cements Ltd which had to shut down its operations in 2014 due to non-payment of power bills and taxes.
The company ran into financial troubles due to power cuts and sluggish market conditions before state bifurcation in 2013-14. As consequence, the company could not clear sale taxes to the tune of Rs 17.14 crore, dues of Rs 4.66 crore to Mines Department and Rs 12.60 crore to TSSPDCL towards electricity dues.
“In the light of above, the cement plant was closed and non-operational from March 4, 2014 due to disconnection of power supply by Electricity Dept. for non-payment of bills,” a government press release said.
Following a representation from the company management, the State government appointed an official committee in 2016. The committee’s report was placed before Cabinet sub-committee which recommended for the revival of the company.
Under the revival package, the government has waived off all penalties, interest and surcharges pertaining to Commercial Tax and Mines & Geology departments. However, the company will have to immediately pay Rs 10 crore to Commercial Tax Department and Rs 2 crore to TSSPDCL.
Thereafter, the company will be allowed to pay balance amount in monthly installments. However, there will be a two-year moratorium on dues to Mines Department.
Established in 1986 with an installed capacity of 2 lakh tonnes a year, the cement company expanded its capacity to 9 lakh TPA (tonne per annum) in 2010 by investing additional Rs 15 crore. Besides, it also incurred expenditure of Rs 12.00 crores for construction of under-passage bridge for the conveyor from mines to factory.
“The company assured to commence operations and production immediately and in the process generate employment for 1000 people,” the release said, adding that the company would target annual turnover of Rs 350 crore.
“After formation of Telangana State, Chief Minister announced entrepreneur-friendly and country-wide applauded industrial reforms, generation of surplus power, encouraging industrial policy (TS-iPASS) with wide scope for industrial growth,” it further said.
The government now considered the revival of the sick unit Bheema Cements which stopped operations prior to formation of Telangana. “On revival of the company, there will be augmentation of revenue and value-addition to the government and also generation of employment directly and indirectly,” the release stated.
By Business Bureau
