Institute, Indian Bank enter tie-up to finance new projects

By Staff
|
Google Oneindia News

Chennai, Oct 5 (UNI) The Small Industries Service Institute has entered into a tie-up with Indian Bank to generate more new entreprenuers by financing new projects.

Addressing a press conference here, Institute Director S Sivagnanam said the institute and the bank would work hand in hand to identify new entreprenuers and train them accordingly in their respective fields.

The bank would offer loans upto Rs 20 lakh to set up new industrial units in SSI sector.

Over 700 new units would be started this year, each providing direct employment to at least ten persons.

The institute had already tied-up with auto major Bajaj for providing training to 200 technicians, mostly from rural areas, who would be granted a loan to set up two-wheeler service stations, he said.

Mr Sivagnanam said a 'cluster' approach programme would be initiated to develop the enterprenuership skills and to revive the sick SSI units.

About 50 units had been so far identified under this programme and 11 of them would be referred to the Union Ministry of Small Scale Industries, which would undertake projects for technology upgradation.

The main industries identified were match, printing and fire works industries in Virudnagar District, engineering industries in the industrial estates in Chennai and auto Component industries at Hosur.

The institute would soon develop portable wet grinders that could be run on batteries, he added.

UNI AJ VV 1502

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