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Business Economy


HSIIDC has approved signing of MoU with SIDB

Chandigarh, Sep 16 (UNI) The Board of Directors of Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) has approved signing of Memorandum of Understanding (MoU) with Small Industries Development Bank of India (SIDB) for funding support to Micro, Small and Medium Enterprises(MSME).

A decision in this regard was taken at the 359th meeting of the Board held here under the chairmanship of Chairman of the Board and Principal Secretary to Chief Minister Rajesh Khullar.

Mr Khullar said this initiative will provide financial support to the MSMEs for payment of price of the plot and would facilitate upfront revenue generation for HSIIDC. SIDBI had offered to sign an MoU with HSIIDC to finance the cost of plots being allotted by HSIIDC to MSMEs. Under this scheme, SIDBI has agreed to finance 75 per cent of the total plot cost subject to a maximum of Rs six crore.

The SIDBI would make the payment directly to HSIIDC and plot would be mortgaged in favour of SIDBI. Under the MoU, HSIIDC would have to share the details of the allottees with SIDBI, so that they can be contacted by SIDBI for financing the plots cost and subsequent project financing. Under this MoU, it is expected that in majority of cases, the Corporation would receive 100 per cent of the plot cost within few months of allotment, thereby, easing its liquidity position.

The SIDBI and HSIIDC have been close partners in the industrial development in the State for more than two decades. SIDBI had been extending financial assistance to HSIIDC for setting up of various Industrial Estates / Industrial Model Townships.
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