TIIC sets business target of Rs 5,000 cr

Tamil Nadu Industrial Investment Corporation Ltd (TIIC) has set a target to increase its business to Rs 5,000 crore from Rs 1,351 crore as of March 31, 2011.

Though commercial banks are also offering assistance to industries, TIIC continued to be the preferred institution for first-generation entrepreneurs and people from rural backgrounds and with little social support, according to state's Industries Minister S P Velumani.

He said that TIIC had so far assisted 109,214 units with a cumulative sanction of Rs 8,611.80 crore. The total employment generated by the units assisted by the Corporation during the last year alone is around 16,500.

 

The action plan for disbursal of loan for 2011-12 is Rs 1,100 crore sanction, disbursement of Rs 870 collection and for the year 2012-13 it will be Rs 1,220 crore sanction, Rs 950 crore disbursement and Rs 780 crore collection, said the minister.