Srinagar: Jammu and Kashmir administration has completed the process of merger of State Industrial Development Corporation (SIDCO) and the Small-Scale Industrial Development Corporation (SICOP), which 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 mergering SIDCO and SICOP in September 2021.
Thereafter, a committee committee was formed to develop a roadmap for the creation of the JKIDC in accordance with the provisions of the modified J&K Development Act under the chairmanship of Additional Chief Secretary of the Finance Department.
Official sources said that the committee held two round 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 corporation 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,” he 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 round of meeting were held to pay all outstanding accounts and settle the 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 the Union Territory of Jammu and Kashmir to the Industries and Commerce Department,” he said.
The JKIDC as per the official documents will manage establishment of industrials sector in Jammu and Kashmir
“The JKIDC will establish and manage industrial estates at places selected by the government; develop industrial area selected by the government for the purpose and make them available for undertakings to establish themselves; develop land on its own account for the purpose of facilitating 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.