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| SIDCO earned Rs 2 Cr revenue in 2 month | | | Early Times Report
SRINAGAR, JUNE 16 – Jammu & Kashmir Industrial Development Corporation (SIDCO) has earned a revenue of Rs. 2.73 crore during the first two months of the current financial year. The Corporation has a set target of Rs. 20 crore and is going to expend Rs. 12.43 crore on the development of its revenue-generating assets during the current fiscal.
This information was given during 129th Board of Directors meeting of SIDCO, held here today. Minister for Industries and Commerce, Mr. S. S. Slathia chaired the meeting.
Principal Secretary, Industries & Commerce, Mr. Anil Goswami, Commissioner/Secretary, Finance, Mr. Sudhanshu Pandey, Commissioner/Secretary, Forests, Mr. Shant Manu, Director, Industries and Commerce, Mr. Farooq Ahmad, Managing Director, SIDCO, Mr. B. S. Dua attended the meeting.
Detailed discussions were held on various agenda points which included confirmation of the minutes of the last meeting, budgetary proposals for 2009-10, current year’s performance, regularization of permanent daily wagers and implementation of revised pay scales for employees of PSUs.
The meeting decided to frame subcommittees for settling various issues in a time-bound manner for development of SIDCO and the well-being of its employees.
Highlighting the need for establishing new industrial estates. The Minister said entrepreneurship holds the key for absorbing our educated unemployed youth and providing them gainful employment in industrial sector will go a long way in enhancing their employability by top corpoprate firms as and when they invest in the State.
Calling for quarterly meets of Board of Directors, Mr. Slathia instructed SIDCO to achieve fixed targets and work for growth of industry in the State.
It was given out in the meeting that SIDCO has a land bank of 25,606 kanal, spread over 13 industrial estates in the state. Of these, nine industrial estates are in Kashmir while four are in Jammu division.
The Minister was informed that government has transferred 3,502 kanals of land to SIDCO in Ghatti, Kathua for development of industrial infrastructure at a cost of Rs. 58.23 crore. Work has started and would be completed in two phases over a period of three years, the meeting was informed. It was also given out that upgradation of industrial estate, Khanmoh, would be taken up at a cost of Rs. 20.20 crore after completing all codal formalities. About 1,000 kanals of land at Ompora-Budgam is also in possession of SIDCO where infrastructure would be developed at a cost of Rs. 33.10 crore.
The meeting was informed that SIDCO has earned revenue of Rs. 19.97 core during last financial year and has utilized Rs. 11.54 core on the development of its assets during the said period.
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