Financial Daily from THE HINDU group of publications
Tuesday, Dec 16, 2003
Financial Daily from THE HINDU group of publications Tuesday, Dec 16, 2003 |
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Industry & Economy
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Handloom APCO turnover may touch Rs 100 crore Our Bureau
Visakhapatnam , Dec. 15 THE sales turnover of Andhra Pradesh State Handloom Weavers' Co-operative Society Ltd (APCO) is for the first time likely to touch Rs 100 crore by the end of the current financial year, according to Mr B. Chandra Nageswara Rao, the Chairman. At a press meet here on Monday, he said the apex body could sell products worth Rs 65-70 crore till now and was confident of touching the Rs 100-crore mark. The accumulated losses were of the order of Rs 50 crore and all attempts would be made to wipe them out as soon as possible. "At one point of time, there was even talk of closing down the apex body, but we have successfully weathered the storm. We are even contemplating to taking up exports from 2004. A separate cell has been set up for the purpose and we have requested the State Government to grant Rs 25 crore as revolving fund for the purpose," he said. Mr Nageswara Rao said the Government had agreed in principle to grant the amount and APCO had also sought Rs 25 crore more from the Government to purchase hank yarn on its own instead of procuring it through the National Handloom Development Corporation. The yarn would be supplied to the primary co-operatives. The response of the Government was awaited. He said APCO had cleared dues worth Rs 4 crore to the primary societies and only Rs 1.5 crore or so was still to be paid to certain societies for the cloth purchased by the Government departments. Even that would be cleared later this month. He said APCO would conduct beauty contests for men and women at the district level and later at the State level and on the Telugu New Year Day (Ugadi) the awards would be given away in Hyderabad. He said the apex body was working in tandem with the National Institute of Fashion Technology, Hyderabad, in design development and other areas. APCO had taken up business in ready-made garments in a small way and an exclusive outlet would be opened in Secunderabad soon, he added.
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