Srinagar: Jammu and Kashmir government has finalized the merger plan of State Industrial Development Corporation (SIDCO) and Small-Scale Industrial Development Corporation (SICOP).
The merger will formally take place before the end of the current financial year.
The Administrative Council granted permission for the formation of the Jammu and Kashmir Industrial Development Corporation (JKIDC) by merging SIDCO and SICOP in September 2021.
Thereafter, a committee was formed to devise a roadmap for the creation of the JKIDC by the provisions of the modified J&K Development Act under the chairmanship of the Additional Chief Secretary of the Finance Department.
Official sources told The Kashmir Monitor that the committee held two rounds of meetings recently to complete the process of merger of these two industrial corporations.
“Two meetings were held in which the merger of these two corporations was planned and deliberated. The entire process is now completed and the announcement regarding the formation of Jammu and Kashmir Industrial Development Corporation (JKIDC) will come by March 31,” an official privy to the development said.
J&K SIDCO, which was established in 1969, is a government agency responsible for undertaking infrastructural development, trading activities, and development banking.
J&K SICOP established in I975 is a fully owned J&K Government Undertaking under the Indian Companies Act 1956, which essentially worked to marketing cover to the product, provide raw materials to the industrial units and government departments, various developmental works, and provide IT-enabled service to cater IT requirement of Industries and Commerce Department.
The official said that the process took time because outstanding accounts and liabilities of the corporations were to be settled.
“It was a very hectic process and several rounds of meetings were held to settle outstanding accounts, assets, and liabilities of the Corporations. SIDCO and SICOP furnished details of non-existent and non-functional units in the existing Industrial Estates (IEs) across Jammu and Kashmir to the Industries and Commerce Department,” he said.
The JKIDC, as per the official document, will manage the establishment of the industrial sector in Jammu and Kashmir
“The JKIDC will establish and manage industrial estates at places selected by the government; develop industrial areas selected by the government for the purpose and make them available for undertakings to establish themselves; develop land on its account to facilitate the location of industries and commercial centers thereon; undertake schemes for providing industrial units and commercial establishments with such structures and facilities as may be necessary for their orderly establishment, growth, and development,” it said.
