The first company to put up a paper manufacturing unit using de-link technology, Aurangabad Paper Mills (cap. : 16,500 tpa of non-glazed newsprint), went on stream in Oct.'91. While the existing units are based on wood pulp, this one is based on wood pulp newsprint. The company already has a 15,840-tpa, bagasse-based paper unit for kraft paper. To improve things, the company went ahead with its Rs 15-cr modernisation programme, financed through a rights issue in Apr.'93 (1:2, premium : Rs 25). In Dec.'93, it installed a super calendar machine to manufacture glazed newsprint. The company commissioned a boiler and turbine in 1994, which saves about Rs 3 cr annually in power cost. The installation of its own water pipeline at Aurangabad has reduced water cost. The Company has been declared a sick company by the BIFR. ICICI has been appointed as the Operating Agency to finalise a revival package. The company has submitted the Draft Scheme of the Revival Package, which is pending with the Participating Institutions and Bankers.