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PICUP coming out of the red

THE PRADESHIYA Industrial and Investment Corporation of UP Limited, popularly known by its acronym PICUP, is emerging from red. In the current financial year till December end, the corporation has been able to recover from chronic defaulters a sum of Rs 52.67 crore against the current year target of Rs 43 crore.

india Updated: Dec 31, 2005 01:28 IST

THE PRADESHIYA Industrial and Investment Corporation of UP Limited, popularly known by its acronym PICUP, is emerging from red. In the current financial year till December end, the corporation has been able to recover from chronic defaulters a sum of Rs 52.67 crore against the current year target of Rs 43 crore.

During the corresponding period last year, the recovery was Rs 36.14 crore, which has been exceeded by 60 per cent. The corporation has improved its recoveries from difficult chronic defaulters by setting the dues under the OTS scheme.

PICUP officials disclosed that during the current fiscal year it was able to settle the entire refinance loan dues of Industrial Development Bank of India under a one- time settlement arrangement. PICUP will save more than Rs 30 crore immediately and a further Rs 12 crore by way of recurring interest liability of future years.

Similarly, the progress regarding settlement of loan assistance dues of Small Industrial Development Bank of India (SIDBI) under a one-time settlement arrangement are at advanced stage and are expected to be settled within the current fiscal year.

After such an OTS settlement with SIDBI, PICUP expects to restart term lending activities to small and medium scale industrial units for the overall development of the state at competitive interest rates.

During the current fiscal, the corporation has taken several unique initiatives like proactive recovery measures, settled the dues with creditors like banks and other creditors resulting in reduction of financial expenses from Rs 67 crore to Rs 38 crore during the current fiscal. The corporation also expects to earn profit in the current year as well as in future years, too.

Manager HRD, Manju Singh said PICUP was also making a foray into the insurance sector and an MOU to that effect with Bajaj Allianz was expected to be signed soon. In association with ILFS, PICUP also intends to do project development activities in the infrastructure sector through formation of SVPs.

Singh said PICUP had also assigned special task for performing the work as a Secretariat of Industrial Investment Board of UP, Headed by the chief minister.

Currently certain projects, including international airport at Agra, chain of hotels at various religious and tourist places, textile parks, SEZ convention, Habitat centre at NOIDA and biotech park at Lucknow are in pipeline.

First Published: Dec 31, 2005 01:28 IST