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Loan For TDCCOL

The State Government today decided to extend Working Capital Loan to the extent of Rs 36.45 crore to the Tribal Development Co-operative Corporation or Odisha Limited (TDCCOL) to help it wriggle out of financial crisis.

 
Chief Secretary Aditya Prasad Padhi briefing Media about the Cabinet decision said that during 1991, on account of decentralization and procurement of Mohua Flower, TDCCOL has sustained heavy loses of Rs. 10.65 Crores. 

He said, in the long run TDCCOL has incurred accumulated losses of Rs. 52.78 crores as on 31 March, 2015 due to heavy interest burden on these loans. 

In the meantime TDCCOL has repaid the Government loans for an amount of Rs. 14.34 crore, Mr.Padhi informed.

He said the State Government has decided that the remaining Government loan TDCCOL in connection with Muhua flower trade along with the accrued interest totaling to Rs. 36.39 crores will be converted into equities and share capital investment of State Government.

This will enable TDCCOL to have a positive net worth and carry out various activities for the tribal communities through value addition and marketing support to tribal communities for Minor Forest Produce (MFP) and Surplus Agriculture Produces (SAP).
Notably, the TDCCOL was established in 1967 for social and economic development of tribal communities of the  State. 
It undertakes procurement value addition and marketing support to tribal communities for Minor Forest Produce (MFP) and Surplus Agriculture Produces (SAP) at the once fixed by  Government from time to time and the State Government provides working Capital loan to TDCCOL for carrying out these activities.


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