Calcutta, Sept. 21 :     Titagarh Industries Ltd (TIL) is looking for a buyer for one of its two paper mills. The company has already submitted a scheme to the Industrial Finance Corporation of India (IFCI) that envisages the sale of its mill no. 2. It had earlier submitted a Rs 460-crore revival scheme to IFCI for its paper mill, popularly known as Titaghur Paper Mill. ?We would now like to restrict ourselves to modernising only mill no 1, the cost of which is Rs 275 crore. We are looking for a buyer for mill no 2. We are also open to a strategic partnership,? said a senior official of the company. TIL closed down mill no 2 five months back. Both the mills have a capacity of 85 tonnes per day and can produce writing and printing paper, besides security and bond paper. ?TIL submitted a revised scheme to the FIs to instal a 300 tonne per day paper machine and also to complete the commissioning of its balancing equipment for its deinking plant and other facilities at the mill no 1,? the official said. ?We are discussing with the financial institutions and the banks for a larger financial tieup for the paper division,? he further added. The bankers of the company are State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of India and United Bank of India. The progress of the company?s paper project has slowed down due to a prolonged recession in the paper industry. TIL had taken over Titaghur Paper Mill from the Board for Industrial and Financial Reconstruction (BIFR). The state directorate of industries has registered the paper project as group ?D? under the West Bengal Incentive Scheme, 1993. ?Appropriate provision for liability of sales tax for the paper division will be done after formal registration with the department of commercial taxes. The application is currently under consideration,? the official said. TIL has performed well in its traditional line of products?bogies and couplers. The metallurgical and load tests on the high-speed modern bogie to be fitted to container wagons have been completed.