Mizoram Industrial devp corp faces huge loss

Aizawl Jan 19: Zoram Industrial development corporation (ZIDCO) has faced a huge loss of about Rs four crore due to non-recovery of loan amount which was given to fifty agarbatti producers of Mizoram under Bamboo flowering and famine combat scheme (BAFFACOS).

Official sources here today said the agarbatti producers have not been able to sell the finished products due to poor demand in the state and they are also not in a position to export the agarbattis outside.

As a result, they are not repaying the loan, which has increased the financial burden of ZIDCO, sources said.

''L.Z.Bamboo products of Mizoram had supplied agarbatti stick manufacturing machines to the benificiaries at the cost of Rs 25,000 each with the promise to buy back the finished products but the prices now are very low and it has turned the situation to worse'', sources added.

UNI