Actively looking at three firms in TS: deputy MD
The Export-Import Bank of India is evaluating a clutch of firms in Telangana to support them under a national programme it operates to identify and handhold tomorrow’s champions.
“We are actively looking at three [such] companies. Ten more names are being screened,” deputy managing director N. Ramesh said, adding that the Ubharte Sitaare programme is for small and medium enterprises that offer unique proposition in terms of technology, products or processes.
One of the firms among the three makes turbine components for a multinational firm that generates power from different sources. The SME had recently diversified into making parts for aerospace players. Another firm is developing an innovative pharma delivery mechanism, while one more being considered for the support is into solar energy-based farm level cold storage management system.
Ubharte Sitaare is a unique programme announced to identify and assist firms with potential to grow in size and scale not only in domestic market but the export market also, Mr. Ramesh said here on Friday. The Exim Bank is pursuing a target of assisting 100 such firms across the country by next fiscal. Some 12-15 firms have been supported thus far and this number is expected to touch 30 by March, he said.
The programme has been conceptualised to assist the companies in different ways. Besides regular debt, the support from the bank could be by way of equity or equity like instruments and even a technical grant.
The bank would also try to connect the firms with vendors and OEMs, Mr. Ramesh said during a media interaction. The bank said automobile and auto components, aerospace, capital goods, chemicals, defence, food processing, IT and ITeS, machinery, pharmaceuticals, precision engineering and textiles are the indicative sectors in which the prospective beneficiary firms should be operating.
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