EDC pays govt interest earned on Land Acquisition Deposits

THE GOAN NETWORK

PANAJI

EDC Chairman, Sidharth Kuncalienker and Vice Chairman, Santosh Kenkre handed over two cheques amounting to Rs 1320.13 lakhs to Hon’ble Chief Minister, Laxmikant Parsekar at his residence at Altinho, Panaji on Oct 8, 2015. Arvind Ghatkar Managing Director, EDC Ltd., B.S.Pai Angle, GM, EDC Ltd. and D.S.Kanekar, GM, EDC Ltd. were also present.

These payments were towards interest on Land Acquisition Deposit parked by the various Government Departments and other agencies with EDC Ltd., for the acquisition of land and towards Dividend for FY 2013-14. A cheque amounting to Rs.1233.94 lakh was towards Interest on the Land acquisition Deposit. The second payment amounting Rs. 86.20 lakh was towards Dividend for the year 2013-14 on the shareholding of the State Government.

In addition, EDC Ltd. also has paid its other shareholders Dividend of Rs.14.72 lakh. The Corporation had achieved an income of Rs 8,519.46 lakh during FY 2013-14 and earned a Profit after tax (PAT) amounting to Rs.2610.56 Lakh. The dividend approved by shareholders of EDC Ltd. was at one percent. EDC Ltd. has been consistently paying dividend to State Government and other shareholders for the last more than five years.

EDC Ltd. was setup in 1975, as a State Government Financial Institution and has completed 40 years of dedicated service to the State. Over the last four decades, EDC Ltd. has been an excellent Delivery Channel of the State Government and has successfully implemented various schemes, projects as mandated to it.

Initially, set up as a Development Financial Institution it has provided finance and helped many first generation Goan Entrepreneurs and promoted industrial development in the State. EDC has sanctioned Term Loans in excess of Rs.1900 crore to more than 9000 units. Under VKRY Scheme, EDC has financed more than 5000 small enterprises in the State of Goa. EDC operated the Modified Interest Rebate Scheme wherein Interest Rebate upto 9% is extended on loans availed by the entrepreneurs setting up units in the backward talukas of Goa, women entrepreneurs and resident as well as non resident Goans entrepreneurs.