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Our Bureau

Hyderabad, Oct. 14 The Andhra Pradesh Government has decided to revive the State–owned APIDC by assigning it a catalytic role being a facilitator for small and medium-sized industries.

This is in contrast to its earlier proposals to wind up the corporation, which served as a nodal agency for industrial units in the State.

With this move, the Andhra Pradesh Industrial Development Corporation (APIDC) will now safeguard the Government assets offered as share for some of the industries in the State and also as joint venture partner while facilitating industrial development.

The Major Industries Minister, Mr K. Lakshminarayana, told reporters that the decision to revamp and continue the APIDC with renewed vigour was taken by the Chief Minister, Mr K. Rosaiah, after analysing the role the corporation played in the past.

This decision was taken based on a report submitted by a team of experts from the Indian Institute of Management, Kolkata, which had recommended it had a catalytic role to play in the industrial sector.

A team headed by Prof. Sushil Khanna, made a presentation to the Chief Minister expressing surprise at the Government decision to close the corporation.

The Chairman and Managing Director of APIDC, Mr V.K. Agarwal, said that a detailed plan was being prepared charting out the way forward that includes revamp and revival.

The APIDC net worth was estimated at Rs 250-300 crore and the balance sheet of the corporation was clean and positive without any debts and liabilities.

More Stories on : Sick Units | PSU | Andhra Pradesh

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