UPICO reports return to profit

Promoted by SIDBI, IFCI and the UP govt, the firm is bullish on infrastructure sector growth in the state

Uttar Pradesh Industrial Consultants Limited (UPICO) on Friday reported turnaround in fortunes on the back of rapid infrastructure growth in the state.

Promoted by Small Industries Bank of India (SIDBI), Industrial Finance Corporation of India (IFCI), banks and UP government undertakings, UPICO had posted loss during 2012-13. SIDBI holds 49 per cent equity in  UPICO.

“Our order books already stand at about Rs 8 crore with several months still to go in the current fiscal,” UPICO managing director Pravin Singh told Business Standard here.

He said infrastructure was growing rapidly in UP and every 200 km, one could find a new urban centre coming up in the state, which presented enormous growth opportunities.

“We have recently tied up with some top global consultancy firms and the Vienna University to increase our bandwidth,” he informed.

The company, seeking to reclaim its past glory, has diversified its services bouquet to include rural engineering, urban development, Corporate Social Responsibility (CSR) etc.

The new Companies Bill mandates companies of a certain size spend 2 per cent of their three-year average annual profit towards CSR. UPICO plans to run courses on CSR, such as environmental science. “CSR as a business opportunity is evolving in India and it offers big growth opportunity to us.”

UPICO is focusing on infrastructure, education, training, Information Technology (IT)/IT Enabled Service (ITeS) and consultancy. “We are aiming to become a major player in consultancy and have firmed up consortiums and tie-ups with established names in the field,” Singh added.

He said the objective was to establish the credentials of UPICO as a reputed brand in consultancy in India.

Meanwhile, UPICO board met here to discuss the way forward and setting up of a new office in Lucknow. Established in 1974, UPICO witnessed downhill in fortunes post 1991 liberalisation era, when it relegated to the background.