Driving Naari Programme launched in Chandigarh
* Interest waiver for PSIDC loan defaulters on cards
Chandigarh, The Punjab Government proposes to give a major relief to industrialists who have availed loan from the Punjab State Industrial Development Corporation (PSIDC) by waiving a major portion of the interest component. With this, the government’s loss-making corporation will now be able to recover 6.8 per cent of its total losses.
The government plans to recover around Rs 500 crore from its defaulters through liquidation and disinvestment of companies owned by the PSIDC and through the sale of some of its fixed assets.
The total accumulated loss of this once premiere corporation is estimated at Rs 7,300 crore. The corporation which is facing a default of Rs 2,100 crore in loans extended to industrialists now plans to recover just Rs 295 crore to Rs 300 crore from the defaulters who include some of the top industries in the state such as Abhishek Industries and Indian Acrylics.
Sources in the Industries Department told The Tribune that a one-time settlement (OTS) scheme for the defaulters had been sent to the Finance Department for its approval. Under the scheme, the defaulters would be categorised in various groups based on the tangible collateral security given by them at the time of availing loans. While some defaulters will be charged 12 per cent interest (instead of 18-20 per cent) who had given a tangible security, others (who had not given any tangible security) will be charged 7-8 per cent interest.
The lower rate is proposed to be charged from the date of disbursal of loan and not from the date when the loan went into default. Sources said this had been proposed to ensure the scheme’s success.
The Industries Department is trying to fast track the process to bail out the PSIDC, which has defaulted on the payment of bonds worth Rs 195 crore, including Rs 55 crore as interest.
The state-run corporation ran into losses following its failure to recover loans extended to select top industrialists of the state. It had disbursed loans till 1999. The corporation had taken loans from IDBI and refinanced it at a margin of 2 per cent. Earlier it was proposed to mortgage the Udyog Bhawan premises in Sector 17, Chandigarh, to raise Rs 200 crore to clear the default of Rs 195 crore, but the proposal has now been shelved.
Other than the Rs 300 crore that the PSIDC proposes to raise through recovery under the OTS, it is also looking at raising another Rs 135 crore through the liquidation of its two companies, Electronic Systems Punjab and Punjab National Chemicals and Fertilisers Limited. Another Rs 50 crore is expected to come through the disinvestment of Punjab Alkalis and Chemicals Limited.
The sources said the department was also seeking a special package of Rs 200 crore over a period of four years (Rs 50 crore each year) from the Finance Department so that the corporation could come out of the red.
Ailing unit
The accumulated loss of the PSIDC is around Rs 7,300 crore
The corporation is facing a loss of Rs 2,100 crore on account of loans that have not been paid by industrialists
It plans to recover up to Rs 300 crore from defaulters
The defaulters include top industrial houses in the state such as Indian Acrylics and Abhishek Industries
The corporation will raise Rs 135 crore by liquidating its two companies — Electronic Systems Punjab and Punjab National Chemicals and Fertilisers Limited
