Hindustan Newsprint Limited - Incorporation of KNP As HNL

Incorporation of KNP As HNL

In 1983, the year in which the Kerala Newsprint Project commenced commercial operations, the Indian government, as a matter of policy, directed HPC, in public interest, to promote and incorporate as a government company under the Companies Act, 1956, to take over and operate the said Newsprint Mill and to acquire all the properties and assets as well as all the debts and liabilities belonging to the Newsprint Mill. Accordingly, HPC promoted and incorporated Hindustan Newsprint Limited (HNL) as its fully owned Subsidiary. On incorporation of HNL, transfer of assets and properties, etc. was concluded under a Tripartite Agreement dated 14 January 1985 among Hindustan Paper Corporation (HPC), HNL and the Indian government. Under this agreement, HNL is entitled to the benefits and it is liable to discharge the obligations, under all contracts, agreements, engagements, assurances, licenses and permits in relation to the said Kerala Newsprint Mill. Shri. K Gopalaswamy Ayyar assumed charge as its first Managing Director. Mr. Radha.Krishnan. Pillay designed and commissioned the mill in 1983 and assumed charge as the Works Manager.