ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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Successful Industrial Dispersal

Successful Industrial Dispersal Hansavivek STATE INDUSTRIAL AND INVESTMENT CORPORATION OF MAHARASHTRA (SICOM) has achieved a good measure of 'success in promoting industrial development in the underdeveloped regions of Maharashtra. It could have done still better, but for the constraints on its resources. N M Wagle, chairman, points out that, contrary to his expectations, IDB1 had not yet agreed to extend to the corporation the refinance facility available to SFCs. Moreover, the quantum of government guaranteed bonds allowed, to it continued to be pegged to the low level allocated in 1971-72 arid even its proposal to offer guarantees under the bill rediscounting scheme of IDBI could not make any progress due to the credit squeeze. The tight money situation forced SICOM to issue last year unsecured, unguaranteed debentures of Rs 6 crores at a high rate of 10.25 per cent per annum at a discount of 2 per cent. In addition, it raised additional resources of Rs 220 lakhs by issue of guaranteed bonds and Rs 100 lakhs by fresh share capital and making the third call on the existing equity shares. The corporation also converted loan subordinate to equity from the state government into share capital of Rs 391 lakhs. These measures helped the corporation to increase loans sanctioned to Rs 13.88 crores and disbursements to Rs 9 crores in the year ended March 1975 as compared to Rs 13.24 crores and Rs 8.57 crores, respectively, in the previous year. The corporation committed 131 units entailing a capital investment of Rs 26.30 crores to the underdeveloped areas.

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