HPSIDC earns profit of Rs 14.54 crore

Shimla, Aug 26 (UNI) The Himachal Pradesh State Industrial Development Corporation (HPSIDC) has earned a profit of Rs 14.54 crore during 2005-06 as compared to Rs 4.90 crore in the previous financial year, which was the highest in its 40-year history.

Speaking at the Board of Director's meeting here, State Industries Minister Kuldeep Kumar said the Corporation's gross income had shown a record jump of Rs 29 crore as compared to Rs 14.50 crore during the last financial year.

The Board has also decided to regularise all daily wage workers who had completed eight years of service on March 31, 2004, in principle, following the state government's recent announcement, he said.

Mr Kumar said this would entail an additional expenditure of Rs 32 lakh per annum to the corporation.

The Corporation was preparing a blue print for developing industrial areas in different parts of the state for which the process of identification and acquisition of land was at an advanced stage after the Centre extended the industrial package to March 31, 2010, he said.

Corporation's Managing Director, Anil Khachi, informed the Board that it was now a debt free Public Sector Undertaking.

He said the HPSIDC had also shown significant improvement in Non Performing Assets (NPA) portfolio, which had dropped to 57 per cent from a high of 85 per cent.

The Corporation's net worth was now Rs 27 crore and the profit after tax worked out to 53 per cent of the net worth which was a positive reflection on the performance of the HPSIDC, he said.

The Board also approved its contribution of Rs 51 lakh to the Chief Minister's Relief Fund.

Several senior corporation officials were also present in the meeting.

UNI AS DP SRS PC2027