Advancing loan to Srirama Sugar factory: DC holds meeting of bank officials

Mysuru: Deputy Commissioner D. Randeep held a meeting of Bank officials at his office here recently  in the context of providing loan to Srirama Co-operative Sugar Factory at Chunchanakatte in K.R. Nagar taluk.

Bank officials said that they would decide on providing loan to the sugar factory if the Management provide details of factory assets, financial position, bank statement for the last three years and other relevant documents.  They further disclosed that the factory Management had sought a loan of Rs. 14.7 crore from the govt. to pay employees under the Voluntary Retirement Scheme (VRS) which had touched Rs. 20 crore now.

A meeting was called by the Additional Chief Secretary attended by officials of Finance Department. It was suggested to banks to advance the loan by taking factory assets as security to implement VRS, explained the bank officials.

Randeep said that after identifying a bank which can advance loan to the factory with factory assets as security and  govt. as guarantor, the proposal would be sent to the government.

This post was published on July 21, 2017 6:41 pm