Warangal: The Ballarpur Industries Limited factory, which was shut down four years ago, has failed to get back on its feet even after the state government extended support for its revival.
In the latest development, IDBI Bank has taken possession of the immovable property of the factory at Kamalapur in Mangapet mandal in Jayashankar Bhupalapalli district.
In its notice to the company, the bank stated it had issued a demand notice on June 27 this year calling upon Ballarpur Industries to repay an amount of Rs Rs 551.17 crore within 60 days. Since this sum was not repaid, the bank has taken possession of the property.
All the piece and parcel of the immovable property which includes 568 acres and 14 guntas of land owned by and under occupation of Ballarpur Industries Limited unit at Kamalapur has been seized....