KOLLAM: Punalur Paper Mills, which was closed for more than a quarter of a century, will start its operation next week, following a formal inauguration by the Chief Minister Oommen Chandy on September 11.
The iconic company, which was set up in 1886, will be the oldest paper mill in the country when it restarts its function. With new set of investors at the helm, the company ended its court receivership of 23 years recently and has revamped the first of its three paper producing units. Through this, the privately managed company is expected to produce 90 tonnes of craft paper per day and provide employment to 120 workers.
The management hopes to produce 350 tonnes of paper per day once all the three units start functioning, thereby giving jobs to 400 people. The management has T K Sundareshan as its chairman and his family members including his wife, son and daughter as board members. The other board members include Punalur-native Nelson Sebastian and a technical expert. They claimed to have spent `100 crore for the revival of the mill without the support of banks.
Speaking at the press meet, N K Premachandran MP said: “I hope that the mill located at a prime location at Punalur will develop into an industrial complex.” K Raju MLA said it was indeed a welcome sign that a company was revived after so many years and provides employment to the locals.