Financial Daily from THE HINDU group of publications
Thursday, Jan 02, 2003
Financial Daily from THE HINDU group of publications Thursday, Jan 02, 2003 |
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Industry & Economy
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Co-operatives Co-op sector lines up proposals for GIM Our Bureau
THIRUVANANTHAPURAM, Jan. 1 THE co-operative sector in the State has lined up investment proposals worth Rs 2,000 crore for presentation at the two-day Global Investors' Meet (GIM) scheduled to be held on January 18-19 in Kochi, the Co-operation Minister, Mr M.V. Raghavan, told newspersons. Kerala Rubber Co-operative Ltd (Rubco), Kerala State Co-operative Rubber Marketing Federation (Rubbermark), Kerala State Co-operative Marketing Federation (Marketfed), Kerala State Co-operative Consumers Federation (Consumerfed) and Kerala State Co-operative Housing Federation (Housefed) have agreed to present proposals worth Rs 1,000 crore between themselves. Besides, a consortium of co-operatives headed by the apex State Co-operative Bank would be mobilising another Rs 1,000 crore for on-lending to prospective investors, including foreign investors, the Minister said. The fund would also be utilised for reviving public sector units, he added. Giving specifics, the Minister said that Rubco proposes to invest in rubber-based industries (Rs 540 crore) and coconut-based industries (Rs 105 crore). Rubbermark would be investing in rubber-based industries (Rs 55 crore). Marketfed proposes to take up the marketing of spices (Rs 25 crore) and rice (Rs 15 crore) and establish a unit for making coconut-based products (Rs 10 crore). Consumerfed has drawn up proposals worth Rs 150 crore for expanding its market network through hypermarkets as also for setting up call centres and Internet cafes. Housefed intends to take up housing schemes worth Rs 100 crore. According to Mr Raghavan, Nabard has agreed to resume refinancing of co-operatives in the State on the basis of an undertaking furnished by the Government that the money loaned by it from the co-operatives would be repaid in instalments. The State Government had tapped the Co-operatives for a stop-gap finance of estimated Rs 1,500 crore in the past, which was objected to by Nabard. The State had lost about Rs 400 crore in refinance money in the bargain.
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