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Bengal moves to recover WBIDC loans
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SME Times News Bureau | 07 Aug, 2011
In an attempt to recover around Rs.500 crore in outstanding loans of
the West Bengal Industrial Development Corporation (WBIDC), the state
government Monday said it is sending letters to the defaulting firms and
warning them that their details would be made public if they do not
begin repayments.
"We have started sending letters to the
defaulting companies and asked them to begin repayment. If they do not
reply in the next seven days, their details would be made public," state
Industry Minister Partha Chatterjee said here.
"We found that many defaulters are very much solvent, but they have not repaid loans taken from WBIDC," he added.
One
of the key functions of the WBIDC, the premier agency of the state's
commerce and industries department to support economic development
across the state, is to provide financial assistance to investors for
setting up large and medium-scale industries.
It also gives loans for expansion, diversification and modernisation of existing industrial units.
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