RIICO posts a profit of Rs 134.96 crores
This year the company focused on acquisition, development and maintenance of industrial areas, incurring an expenditure of Rs 823.47 crores. This figure is a boost of 106.47 per cent as compared to the previous year's expenditure.
RAJASTHAN STATE Industrial Development and Investment Corporation (RIICO) has posted a net profit of Rs 134.96 crores for the financial year 2008-09. This was declared at the Corporation's Annual General Meeting on Tuesday, September 29, by its Chairman Sunil Arora.
RIICO's Chairman also informed that one of the main highlights of the year was that the corporation registered an income of Rs 1296.96 crores which increased to the tune of 71.88 per cent as compared to the previous year.
This year it also focused on acquisition, development and maintenance of industrial areas, incurring an expenditure of Rs 823.47 crores. This figure is a boost of 106.47 per cent as compared to the previous year's expenditure. Furthermore, the administrative sanctions for development of new industrial areas also increased by an impressive 342.42 per cent from last year's, pegged at Rs 1826.07 crores. The recovery of term loan of Rs 116.18 crores also witnessed an annual increase of 22.64 per cent.
RIICO's Managing Director, Rajeeva Swarup informed that the Board has recommended a payment of a lump-sum dividend of Rs 17.97 crores for the year, in view of the profit and sufficient cash accruals. This is the sixth consecutive year of payment of dividend, he said.
Swarup further informed that this year, RIICO sanctioned term loans of Rs 101.19 crores to 31 projects. These projects were mainly for engineering, real estate and textiles. These projects will catalyse an investment of Rs 209.80 crores and would provide employment to 1428 persons. The company also disbursed loan assistance of Rs 87.25 crores during the financial year. Similarly, an equity assistance was sanctioned and disbursed to the tune of Rs 13.59 crores.
According to the Managing Director, RIICO took up several new initiatives this year. Around 1800 acres land is under development for five new industrial areas: Palra Ajmer, Karni Extension Bikaner, Palsana-II Sikar, Soniyana Chittorgarhand Kaladwas Extension Udaipur. Further, 1700 acres of land is under process of acquisition for development of new industrial areas for the year 2009-10.
Mr. Swarup said that an amnesty scheme was also announced in form of relaxations and amendments. Through this scheme the project implementation time schedule was revised, as was the payment schedule. The land rules were revised to provide further relief to the entrepreneurs during the time of the economic meltdown.
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