Corporate

ABC Paper shelves plan to set up new plant

Punjab-based ABC Paper has put on hold its plan to set up a new agro-based facility with an investment of Rs 1,000 crore in view of sluggish demand and said it would rather stabilise existing operations. - Panasonic India to invest $300 mn in 3 years - Reaction from double top - GVK Power buys L&T"s 17 per cent BIAL stake - L&T, EADS may send revised JV proposal to FIPB - CIL to seek legal opinion on reserving stocks for employees - Concrete investments "We have shelved our plan for setting up a new paper facility due to sluggish conditions (in the paper market) at the moment...We will first want to bring stability in our operations," ABC Paper Managing Director Pavan Khaitan told PTI here. The company had planned to set up a new paper- manufacturing facility either in Maharashtra or in Madhya Pradesh with an estimated investment of Rs 800-1,000 crore. The new plant was expected to be commissioned by 2010. Khaitan said the paper industry currently was facing pricing pressure on account of building up of large capacities in the past. "A lot of capacities (in paper sector) have been added... That has led to supply exceeding demand for paper. As a result, the prices of paper has gone down by as much as 20-25 per cent," said Khaitan.


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How best can the Union government use the window of political opportunity that has been opened up by the verdict of the recent assembly elections? Since the ruling Congress party has been strengthened by the poll result and there are no important elections due for the next year, the opportunity to push for better governance should not be missed. To begin with, the prime minister should consider a minor reshuffle of portfolios that empower performers and sideline non-performers, and also improve bureaucratic standards. The argument that in some ministries the ruling party needed fund collectors rather than good administrators has appeal before an election, but is less convincing when the priority should be to get things going. The ruling party should take a holiday on rent-seeking for a year and push for reforms and improved public sector productivity in the infrastructure sector, especially power. The recent raids by the Central Bureau of Investigation in the Department of Telecommunications are hopefully not part of some political bargaining between coalition partners but the beginning of a phase of crackdown on “corruption in high places” that the prime minister sought. Given the DMK government’s dependence in Tamil Nadu on the Congress for its survival in office, the latter can afford to crack the whip in Delhi and not appear as subservient as it does when dealing with this junior ally. Exemplary action here would send an important message to other junior partners and to ministers within the ruling party who have not exactly been symbols of good governance.
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