Friday , 19 April 2019

GIDC clocks Rs 9.5 crore profit in 2017-18




The Goa Industrial Development Corporation has succeeded in clocking a profit of Rs 9.5 crore for the year 2017-18, debunking the industry’s claim that the corporation has been cash-strapped.

GIDC managing director Narayan Gad said on Friday that the corporation has been constantly working on cost-cutting. It has  succeeded in making substantially saving in the monthly spends on  water supply by plugging leakages in the pipelines supplying water in industrial estates across the state.

“We had been spending crores of rupees on water supply in the industrial estates. Besides, there was a trend of floating tenders for minor works for maintenance and cleanliness at the estates. Now the GIDC has substantial saved on
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the expenses on the water supply and has undertaken minor works by engaging our labourers. This has resulted in clocking of a profit of Rs 9.5 crore in the last financial year,” Gad said.

Moreover, the GIDC has also succeeded in recovering a loan of Rs 10 crore given to the government-run Kadamba Transport Corporation.

“The loan to the KTC had been given in 2007 by way of Rs 10-crore fixed deposit. The KTC had mortgaged the Rs 10 crore FD and availed of a loan from a financial institution.  However, it was not recovered for a long time. After, I pursued the loan recovery, the KTC repaid the loan. Today, we have got Rs 26 crore on that particular FD,” he added.

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