NSIC to cross Rs 10,000 crore turnover this year

COIMBATORE: National Small Industries Corporation is expecting to cross Rs 10,000 crore turnover during this fiscal, a top official said on Friday.

The company had recorded a turnover of Rs 8,000 crore last year, which would reach Rs 10,000 crore with its involvement in various MSME projects, H P Kumar, Chairman and Managing Director, NSIC, told reporters.

The corporation also plans to add 10 more distribution centres this year. It had distributed more than four lakh tonnes of raw materials last year to Micro Small and Medium Enterprises (MSME), Kumar said.

During the past one year, NSIC, with 140 offices and 80 distribution centres in the country and with over 2.5 lakh registered members, was able to bring about 10,000 small industries under performance and credit system, and the figure was likely to cross 18,000 this year, he said.

He was speaking to reporters on the sidelines of SUBCON-2011, a three-day event of sub-contracting fair,here.

Earlier inaugurating the SUBCON, Kumar said MSME sector has huge opportunities, since Government had announced that 30 per cent of its total purchases for its various departments, including Defence and Aviation, would be from the sector,which would be estimated at around USD 6 billion in the coming four to five years.

To raise the funds,small industries could go for equity raising, by offering 10 per cent to the public, so that they can get funds, upscale their operations and also offload their financial burdern in the long run, Kumar suggested.

SUBCON is organised by Coimbatore District Small Industries Association.