SIDC Turned In Rs 11 Crore Profit For 2007-08
Shimla: Government owned State Industrial Development Corporation (SIDC) reported in a profit of Rs 10.95 crore for 2007-08, which the highest in the track record of the public sector undertaking for the diversified activities that it is involved in.
Presiding over the SIDC board meeting chief minister Prem Kumar Dhumal stressed upon the need to diversify the activities of public sector undertakings not only to meet out their expenditure but to earn profits for expansion requirements.
The board also decided to merge SIDC with HP General Industries Corporation because both corporations were involved in similar businesses.
The chief minister directed the management of SIDC to expedite loan recoveries effectively and take required action against the defaulters. He said that the corporation needed to ensure the capabilities of the loan seekers before sanctioning loan so that the money was gainfully utilized and timely recoveries made.
Sources disclosed that the corporation had turned profitable by selling assets, mainly industrial plots that it had developed as a diversified business.
Sanjay Gupta, managing director of SIDC and GIC got the board to approve release of dearness allowance to its employees with effect from January, 2008 at par with the state government employees.
The board also decided to take action as per the legal provisions against the defaulters loanees to recover the principal and interest thereon advanced to them for industrial activities.