Current Scenario
Nepanagar's fortunes declined when India opened its markets for global players and soon the products from Nepamills were no longer competitive enough. This resulted in losses in Balance Sheet carried forward for many years from declining revenues. Employees stopped receiving regular salaries every month and many left taking advantage of the voluntary retirement scheme (VRS) announced for the employees of a Public Sector Undertakings (PSUs). A period of stress and turmoil ensued. During this time the local shopkeepers extended credit facility to the employees who struggled to meet the finances. This gesture is characteristic of the united spirit of this town.
The township today is not in good shape and some of the iconic buildings and landmarks are in a derelict state. It is in desperate need of much needed funds for renewing the production facilities to make them competitive and to carry out the repair work in the township. Nepamill recently got a fresh lease of life with Board for Reconstruction of Public Sector Enterprises (BFRPSE)recommending a financial package of 257 Crore Rupees (46.61 Million $ USD. This plan was later approved by the cabinet at a little lower amount of Rs 266.36 Crores. It is expected that this money will be used for diversification and should turn around the fortunes for ailing Company and township built for it.
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