Bengal moves to recover WBIDC loans

Kolkata, Aug 6 (IANS) In an attempt to recover around Rs.500 crore in outstanding loans of the West Bengal Industrial Development Corporation (WBIDC), the state government Monday said it is sending letters to the defaulting firms and warning them that their details would be made public if they do not begin repayments.

"We have started sending letters to the defaulting companies and asked them to begin repayment. If they do not reply in the next seven days, their details would be made public," state Industry Minister Partha Chatterjee said here.

"We found that many defaulters are very much solvent, but they have not repaid loans taken from WBIDC," he added.

One of the key functions of the WBIDC, the premier agency of the state's commerce and industries department to support economic development across the state, is to provide financial assistance to investors for setting up large and medium-scale industries.

It also gives loans for expansion, diversification and modernisation of existing industrial units.