Kolkata: Asset Reconstruction Co (Arcil), which holds a majority stake in Titagarh Paper Mills, plans to construct a shipyard and an IT park in the state.
“The first unit of the Titagarh Paper Mills has been identified for the IT park, while the shipyard has been conceived for the second unit at Kakinara,” Titagarh Industries, which holds the remaining stake in the paper mill, Chairman and Managing Director J.P. Chowdhury said.
Chowdhury said that the Titagarh Paper Mills has already communicated its intention to the state Government and had there been no economic downturn, both the proposed projects would have kicked off by now.
“The economic downturn has forced us to hold on for the time being,” Chowdhury said declining to give further details.
“Titagargh Industries has already formed a separate firm Titagarh Shipyard under which the proposed shipyard would be brought into,” he said.
For the proposed IT park, the company was on the look-out for an overseas joint venture partner, which would possibly hold some equity stake in the venture.
“Discussions are on, but nothing concrete has shaped up so far,” Chowdhury said.
The Titagarh unit of the Titagarh Paper Mills has around 40 acres of land, while the Kakinara unit has over 50 acres of land.