A RM1.2 billion takeover has saved about 1,500 workers’ jobs at ailing India-owned pulp and paper mill Sabah Forest Industries Sdn Bhd, which was owned by India-based Ballarpur Industries Ltd previously. The takeover by Pelangi Prestasi Sdn Bhd entails the transfer of all SFI assets, land titles and timber licenses and is made possible by strong support of the Sabah state government. The takeover is targeted to be completed by end of this year. Pelangi Prestasi committed to retain all SFI workforce and undertake workers’ back-wages, providing training and support as well as enhance access to basic amenities. For the next five years, it will focus on sustainable development of the forest concession area to maximise value through integrated processing and diversification of products.