Apco gets Rs 40cr loan

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.

Apco is expected to achieve a turnover of Rs 150 crore during the current financial year as compared to Rs 115 crore last year.

The loan would be utilised for livery business, Prasad said.

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.