Rs 50 crore loan sanctioned to APCO by NCDC
Hyderabad, May 6 (UNI) National Cooperative Development Corporation, New Delhi, has sanctioned a margin money loan of Rs 40 crore and a subsidy of Rs 10 crore to APCO.
The state government had recommended the proposal of APCO to NCDC to sanction the margin money loan and subsidy. The loan has been sanctioned at an interest of 8.5 per cent and is to be repaid over five years. The loan will be disbursed by NCDC within a week.
The APCO has targetted a turnover of Rs 150 crore during the current financial year. It had a turnover of Rs 115 crore last year.
Out of Rs 150 crore turnover planned during the current year, livery business (govt supply) will be for Rs 60 crore and the balance will be general and yarn business. The loan sanctioned by NCDC will be utilized mainly for livery business.
APCO also has plans to expand its business to new areas like export and diversification.
UNI ASJ VV AK2012