Govt Infuses Fresh Equity In Hudco

The government has infused an additional equity of Rs 180 crore in the Housing and Urban Development Corporation Ltd (Hudco). This has increased Hudco's paid-up equity capital to Rs 1,078 crore in this fiscal. The net worth of Hudco now stands at Rs 1,790 crore.

Hudco chairman and managing director V Suresh told newspersons here yesterday that Hudco has clocked a net profit of Rs 57.67 crore during the first half of this fiscal. It has registered 84 per cent growth in gross profit during the first half of 2000-2001, compared to the same period last fiscal.

The gross profit for the half year ending September 30 stood at Rs 158.31 crore as against Rs 86.26 crore during the corresponding period last year.

Suresh also revealed that Hudco has sanctioned Rs 3,825 crore loan assistance, of which Rs 1,862 crore has already been disbursed. It covers the construction of over 24 lakh dwelling units and 38 urban infrastructure projects.

Hudco has declared an all time high dividend of Rs 18.53 crore for 1999-2000. Suresh presented Rs 18.53 crore dividend to the government for 1999-2000.

On account of the paid-up equity (as on March 31) of Rs 693 crore being contributed by the urban development ministry, a dividend cheque of Rs 14.3 crore was presented to Jagmohan, urban development and poverty alleviation minister.

Another dividend cheque of Rs 4.23 crore will be presented to rural development minister M Venkaiah Naidu on account of equity contribution of Rs 205 crore by the ministry.

Hudco board of directors has also sanctioned schemes for the construction of 22,27,107 dwelling units in Andhra Pradesh, West Bengal and Orissa with loan assistance of Rs 905 crore.

It was announced by Jagmohan after the board meeting yesterday. Elaborating on the schemes, Jagmohan said Rs 300 crore has been sanctioned for the rehabilitation housing in flood-hit areas in urban and rural AP.

It includes construction of 2,02,809 and 24,298 houses in rural and urban areas respectively. The scheme would be implemented by AP State Housing Corporation.

Hudco has also sanctioned Rs 430 crore housing and infrastructure schemes for rehabilitation in West Bengal flood-hit areas.

It included Rs 250 crore for the construction of 19,50,000 houses and a Rs 180 crore line of credit for infrastructure development projects. The scheme would be implemented by West Bengal Infrastructure Develop-ment Finance Corporation.

Another housing scheme for 50,000 units in the cyclone-affected areas in Orissa has also been sanctioned for a loan assistance of Rs 175 crore. It would be implemented by Orissa Rural Housing Development Corporation Ltd.