State Financial Corporation approves projects worth Rs. 269 crore
APSFC overcame losses and posted a net profit of Rs.92 crore
Rs. 100 crore to be spent on SC/ST entrepreneurs in 3 months
TIRUPATI: Andhra Pradesh State Financial Corporation (APSFC) has accorded in principle sanction to business proposals worth Rs.269 crore at the Business Development Campaign held here on Thursday. Such campaigns were held at Hyderabad, Visakhapatnam, Rajahmundry and Vijayawada last week.
Addressing entrepreneurs from Chittoor, Kadapa, Nellore and Anantapur districts, the corporation’s Chairman J. Rambabu spoke of SFC’s accomplishments and pointed out that the who’s who of the State’s industrial landscape were once customers of the corporation. The government had declared special incentives for units promoted by SC/ST entrepreneurs to set up industrial units and the corporation was positively considering several such proposals, he observed.
Managing Director A. Giridhar saw ‘untapped potential’ for industrial development in the region and forecast a bright future for the Small and Medium Enterprises in the days ahead. The corporation had wiped off its accumulated losses and earned a net profit of Rs.92 crore during the last financial year, thus standing tall among the SFCs of the country. Against last year’s sanctioned figure of Rs.1,006 crores, the corporation was keen on lifting the cap to provide an additional 25 per cent for the current fiscal.
On the extension of collateral security for SC/ST entrepreneurs as sought by a tribal entrepreneur, Mr. Giridhar admitted lack of clarity as the issue involved the State government and the Reserve Bank of India. He however announced that a G.O. would be issued soon and said Rs.100 crore would be spent on SC/ST entrepreneurs in the next three months in the State.
Chittoor district Collector M. Ravichandra, who took part as the chief guest, saw rapid growth of Tirupati during the last decade, the pace of which was next only to Hyderabad. He assured all support to the entrepreneurs willing to set up industrial units in the district.
APSFC Chief General Manager A.Yadagiri proposed a vote of thanks.