New industrial area to be developed near Baddi: Industry Minister

Shimla, Mar 23 (UNI) To meet the growing requirement of entreprenuers eager to set up their units in Himachal Pradesh, the HP State Industrial Development Corporation (HPSIDC) has decided to develop another industrial area near Baddi in Solan district of the state, Industries Minister Kuldeep Kumar today said.

Presiding over the meeting of the Board of Directors of the HPSIDC here, he said the process of acquisition of approximately 400 bigha of land at Baddi was at an advanced stage.

Mr Kumar said the Corporation had earned a net profit of more than Rs five crore during 2005-06 as compared to Rs 4.45 crore last year.

The projected gross profit target of the corporation for the next financial year was Rs 7.64 crore, he said.

The annual budget of the Corporation for the next financial year was also approved in the meeting.

Mr Kumar lauded the employees of the HPSIDC for improving its operations under the leadership of Chief Minister Virbhadra Singh.

HPSIDC Managing Director Anil Khachi informed the Board that it had sanctioned a sum of Rs 7.65 crore to various industrial houses this fiscal.

The board also released four per cent additional dearness allowance (ADA) to the corporation employees with effect from July 2005.

Several senior state government officials were also present in the meeting.

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