Andhra Pradesh - Hyderabad

Work on SFC industrial estate by year-end

HYDERABAD: Work on the AP State Financial Corporation’s industrial estate to come up in 270 acres at Gajularamaram, on the city outskirts, is expected to begin by this year-end.

The CRISIL report on the action plan of setting up small and medium industries in the estate is expected to be received in two months, APSFC Chairman J. Rambabu and Managing Director A. Giridhar told a press conference here on Wednesday.

They said SFC was looking at an investment of Rs.100 crore in the estate and hoped to create an asset value of Rs.1,000 crore. The Small Industries Development Bank of India (SIDBI) would either invest Rs.100 crore in the estate either as loan or equity. Mr. Giridhar stated that work of SFC’s six-storey building being constructed in one acre was likely to be completed this year. The SFC was putting up a branch in Hindupur and a sub-branch in Tada in view of steel, sponge iron and ferro alloy and allied industries coming up in SEZs in Hindupur, Rayadurg and Tada. Branches were also coming up in Kakinada and Nirmal. There were good opportunities for these industries in Bellary and Chitradurg areas and SFC was ready to finance them. The SFC had earned Rs.90-crore profit last year after 51 years. Its sanctions in 2007 totalled Rs.1,005 crore. Its sanctions this year were likely to be a minimum of Rs.1,250 crore. The proposals pertained to Ranga Reddy East and West, R.C. Puram, Sangareddy and Nizamabad branches.

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