GUWAHATI: In their weekly cabinet meeting on November 7, the Assam government has given its approval for the conversion of loans provided by the state government, totaling ₹60.22 crore, into equity for the Assam Hills Small Industries Ltd (AHSIDC Ltd).
AHSIDC Ltd operates under the administrative control of the Hill Areas Department and this move is intended to bolster its financial standing.
The Cabinet's decision also includes an increase in the authorised Share Capital limit of AHSIDC Ltd from ₹5 crore to ₹100 crore.
This enhancement is accompanied by a statutory fee of ₹1 crore, which will be paid to the Registrar of Companies.
It's important to note that the initial augmentation of the authorised share capital will be covered by the company itself, with the government committed to reimbursing this amount in due course.
This maneuvre is anticipated to enhance the financial strength of AHSIDC Ltd and support its mission of promoting small industries in the hill areas of Assam, thereby contributing to the economic development of the region.