Business EconomyPosted at: Sep 4 2024 9:32AM


KSIDC celebrates loan portfolio crossing Rs 1,000 cr mark

Kochi, Sep 4 (UNI) Into its 64th year, Kerala State Industrial Development Corporation (KSIDC) on Wednesday celebrated its crossing the Rs 1,000-crore loan portfolio and launched an online system that marks complete digital services on loans.
Minister for Industries, Law and Coir P Rajeeve, while inaugurating the portal, said the new set-up will ensure transparency in loan procedures, making the procedures simpler and prompter.
“Everything related to your loans can be done completely through this website,” the Minister said, expressing the hope that the facility will lead to a “significant increase” in the loan services by the 1961-founded KSIDC headquartered in Thiruvananthapuram.
The Minister noted that the government has always supported the growth of industries. KSIDC has so far promoted 224 companies, of which 74 are ongoing. Their current market value now stands above Rs 1,100 crore,” he revealed at a celebratory function in The Renai Cochin.
Principal Secretary (Industries and Commerce) A.P.M. Mohammed Hanish said the portal will be a permanent solution to pending grievances regarding lending. “The opening of KSIDC's office in Kozhikode helped the loan portfolio grow to Rs 1,000 crore,” he pointed out, adding that the corporation’s activities will be “even more promising”.
KSIDC Chairman Paul Antony said the corporation, under the Department of Industries and Commerce, will soon introduce more projects for industry promotion and better customer service. “You must utilize the efficient system established for grievance redressal,” he noted.
KSIDC Managing Director S Harikishore said a surge during 2005 to 2024 enabled the corporation to achieve this feat today. “While the loans we lent stood at Rs 150 crore till 2005, it went up to Rs 400 crore in the next 15 years. Then, in the next four years, the amount tripled to Rs 1,032 crore,” he said, revealing that KSIDC was currently working to raise the figure to Rs 4,000 crore in the next five years.
The function was attended by KSIDC Executive Director Hari Krishnan R, KSIDC Directors Adv. Anand K, Ms Pamela Anna Mathew, Shri Babu Abraham Kallivayal and C.J. George. The function also honoured 17 industrialists who have grown their businesses through KSIDC.
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