Business Daily from THE HINDU group of publications
Friday, Jun 16, 2006
Business Daily from THE HINDU group of publications Friday, Jun 16, 2006 |
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Agri-Biz & Commodities
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Tea Bought-leaf tea factories seek interest waiver P.S. Sundar
Coonoor , June 15 The Nilgiri Bought Leaf Tea Manufacturers' Association has appealed to the Tea Board to waive the interest on the loans got by the factory owners. "We have submitted a petition to the Tea Board Chairman, Mr Basudeb Banerjee, seeking this relief as nearly half of the 150 bought-leaf factories in the district have closed down and some more are following suit. The factory owners are unable to bear the interest on their borrowings from the Tea Board under various schemes. We have also asked for extension of the period for the repayment of the loans," Mr J. Hutchi Gowder, President, told Business Line.
Subsidy too sought
The Association has also sought a subsidy from the Board to help the factory owners meet the interest burden on their borrowings from the nationalised banks. It has requested the Board to increase the subsidy on machinery under the factory upgradation scheme to 50 per cent from the present 25 per cent pointing out that when the subsidy was earlier fixed at 50 per cent, factories had gone in for new machines. It has also sought representation on the Tea Board.
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