Odisha Cabinet Nods 7 Proposals, Rs 36.39 Cr TDCCOL Loan To Be Converted Into State’s Equity & Share

**Bhubaneswar: ** Odisha Cabinet chaired by Chief Minister Naveen Patnaik today gave nod to seven important proposals while prominent among them is converting Rs 36.39 crore of TDCCOL into equities and share capital investment of State Government.

Briefing media soon after the Cabinet meeting, Odisha Chief Secretary Aditya Prasad Padhi said, “Following the Cabinet’s approval, TDCCOL will be now debt-free.”

Elucidating on it, the Chief Secretary informed, “During 1991, on account of decentralization and procurement of Mohua flower, TDCCOL had sustained heavy losses of Rs 10.65 crores. In the long run, TDCCOL has incurred accumulated losses of Rs 52.78 crores as on 31.03.2015 due to to heavy interest burden on these loans. In the meantime, TDCCOL has repaid the Government loan for an amount of Rs 14.34 crore.”

“The State Government has decided that the remaining Government loan with the accrued interest totaling to Rs 36.39 crore will be converted into equities and share capital investment of State Government,” he futher informed adding, “This will enable TDCCOL to have a positive net worth and carry out various activities for the tribal communities through value addition and marketing support to tribal communities for Minor Forest Produce (MFP) and Surplus Agriculture Products (SAP).”

The Odisha Cabinet also nodded to cadre restructuring of Geologists, Odisha Welfare Services and Odisha Subordinate Welfare Service, framing of Odisha Horticulture Service (Method of Recruitment and Conditions of Service), amendment of Odisha Fisheries Service Group-‘A’ & ‘B’ (Recruitment & Conditions of Service) Rules, 2013.

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