667 sick units revived in state

The financial institutions in the state have identified 1690 sick industries for revival as per the guidelines of the Reserve Bank of India (RBI). While 667 units have already been revived, seven such proposals are under consideration. The rest 1016 sick units were later found to be not in a position to be revived and hence, have been left out of the process, said industry minister Raghunath Mohanty.

The minister said, the government has taken a series of measures for revamp of the state owned lender, Orissa State Financial Corporation (OSFC), following preparation of a restructuring package by UTI (now Axis) Bank Ltd.  

Paving the way for availing concessional finance, the Orissa government and Small Industries Development Bank of India (SIDBI) and Orissa State Finance Corporation (OSFC) inked a tripartite agreement recently. The MoU has enabled OSFC to get refinance from SIDBI as it has attained positive net worth and capital adequacy ratio (CAR) of 6.25 percent.