Telangana Industrial Health Clinic Ltd (TIHCL), a co-financing non-banking finance company (NBFC), to provide financial support to micro and small manufacturing units, has commenced its operations.
Speaking to newspersons after the formal launch of the clinic here on Monday, its Chief Executive Officer, Sanjaya Maruvada, said: “Even before this formal launch, we have been engaged with 54 micro and small sick units. Out of this, issues of over 30 units have already been solved which include 23 weaving units from Siricilla.’’
There are 7,000 sick units in Telangana as per State Level Bankers’ Committee (SLBC) data.” If we can revive at least 100 units in the next one to two years, it will be a very fruitful endeavour,’’ he added.
According to B Yerram Raju, Economist and Advisor, TIHCL, the company should also be seen as an investment destination. “I hope it will and it should attract more investments from different investors,’’ he added.
TIHCL is promoted by the Telangana Government with 10 per cent of the capital of Rs 100 crore. About 5 per cent of the capital comes from micro and small enterprises which seek its facilitation and services. Banks, financial institutions and high networth tndividuals are expected to contribute the rest of the capital.
Its fintech operations are slated to commence within four months from now. All the enterprises availing the support and facilitation from TIHCL are provided with ERP solutions at the unit’s door steps at an “affordable’’ price, he said.
“This would make the hitherto unorganised enterprises in this sphere becomes organised, tax compliant and financially strong,’’ Raju added.