The Telangana Industrial Health Clinic Ltd, conceived by the State government for revival and growth of sick manufacturing MSMEs, has applied to the Reserve Bank of India for grant of non-banking finance company (NBFC) status.
The approval is expected in a couple of months, TIHCL Advisor and economist B.Yerram Raju told a function here on Monday in which Industries Minister K.T.Rama Rao launched the logo and website of the entity. TIHCL, which would function on the lines of an NBFC, would have a corpus fund of Rs.100 crore made of contribution from the Centre, State government, financial institutions, high networth individuals and industrial units.
It would pursue a multi pronged strategy of filling in credit gap that exists for micro manufacturing enterprises, help small enterprises access equity markets as well as revive and restructure viable manufacturing MSE.
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On the revival front, he said TIHCL would provide bridge finance, but not to those entrepreneurs who are wilful defaulters. The target is to assist 5-10 enterprises a month in every district.
A few Banks have evinced interest in contributing to the corpus and participating in the effort once the fund is floated
Principal Secretary to the Industries & Commerce Department Jayesh Ranjan said through initiatives such as the Industrial Health Clinic the government sought to push small and micro industries thereby increase employment and productivity.
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Welcoming the initiative, president of trade and industry body, FTAPCCI, Ravindra Modi, said inspection, existence and exit are key phases of an industrial unit.
While TS-iPASS industrial policy is focused on attracting investments, ease of doing business and facilitating setting up of industries, the Industrial Health Clinic is about helping units sustain.