DISPUR, May 15 – The Committee on State Public Sector Enterprises (SPSE) in its meeting held recently with the management of APOL (Assam Polyester Co-operative Society Ltd) in the presence of authorities concerned of the co-operative Department and ASEB sorted out regarding reconnection of powerline to APOL and payment for energy bill which is to be as per the revised connected load as approved by the ASEB.
The Chief Engineer, P&D and RE, who represented the Chairman, ASEB, will submit his report to the Chairman, ASEB, on the facts stated above and gave an assurance to help APOL on restoration of power to restart its production as early as possible, stated a release. In this regard, Dr PK Chaudhuri, Chairman of the Committee on SPSE reported that the Council of Ministers, Assam in its meeting held on April 30 on the issue of the Government guarantee for Rs 3 crore in favour of the Commercial Bank also decided to provide a working capital loan to APOL to restart its production, which is under suspension since December 25, 2003.
The Government decision was intimated to APOL with a direction to negotiate with a commercial bank to avail of the working capital loan at most affordable terms and conditions. The Chairman, APOL, assured the Committee that the production of the mill will start from June 1, 2004, subject to the condition that the power connection is restored by the ASEB within May 10.
The Committee further contradicted the news published in some dailies regarding disapproval and rejection of the Cabinet on the issue of the Government guarantee to APOL “which was grossly misquoted and misleading”. The fact remains that the Government’s decision stands in its resolve to ensure the urgent restarting of APOL towards which apart from giving guarantee for a bank loan assured any other help required to put APOL on a proper track immediately, the release added.