The National Cooperative Development Corporation has sanctioned a margin money loan of Rs 40 crore and a subsidy of Rs 10 crore to the Andhra Pradesh State Handloom Weavers' Co-operative Society Limited, basing on the state government's recommendation. | |
| The loan has been sanctioned at the rate of 8.5 per cent interest with a repayment period of five years, Y S Prasad, vice-chairman and managing director of Apco, said in a press release. |
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| Apco is expected to achieve a turnover of Rs 150 crore during the current financial year as compared to Rs 115 crore last year. |
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| The loan would be utilised for livery business, Prasad said. |
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| This apart, the Centre has sanctioned two cluster development schemes at Chirala and Madhavaram in the state under which each cluster will get a grant of Rs 2 crore for the development of handloom, the press release added. |
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