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KSFC plans to develop steel park

Public sector Karnataka State Financial Corporation said it would develop a steel park spread over 190 acre in Koppal district.

business Updated: Aug 25, 2007 17:57 IST

Public sector Karnataka State Financial Corporation (KSFC) on Saturday said it would develop a steel park spread over 190 acre in Koppal district.

"A detailed project report was being compiled on the project which envisages establishment of units to roll out value added steel products and a sponge iron ore plant on a 190-acre plot of land," Karnataka's Deputy Chief Minister BS Yediyurappa told reporters here.

KSFC, which earned Rs 17.32 crore profit in 2006-07, had drawn up plans to earn about Rs 12 crore revenue by marketing insurance and mutual fund products of LIC, GIC and UTI.

KSFC's non-performing assets, which have been brought down from 58 per cent to 33 per cent, would be further reduced to 20 per cent during next year, Yediyurappa, who also holds finance portfolio, said.

On requests from entrepreneurs for loans totalling Rs 1000 crore, he said KSFC had sanctioned Rs 425 crore this year and the rest was in the process of being sanctioned, he added.