KSIIDC posts over Rs 30 cr profit

Bangalore, May 3: The state-owned Karnataka State Industrial Investment Development Corportion (KSIIDC) has earned a profit of over Rs 30 crore during 2005-06.

In a release here today, KSIIDC Managing Director I M Vittala Murthy said that due to sustained campaign in recovery of loans, the company was able to come out of red.

He said the KSIIDC had also successfully convinced the IDBI and SIDBI in reducing the interest on loan from 12.5 per cent to six per cent. The KSIIDC had recovered over Rs 270 crore during the period.

Mr Murthy said the KSIIDC had set up special purpose vehicles to implement the Agro Parks at Bhagalkot, Hiriyur, Jewargi, Maddur, Malur and Belgaum. The IT and BT parks being established at Rajajinagar industrial area was expected to be completed by June, he added.

UNI