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"The plan is to encourage private entrepreneurs to come up with feasible concepts."

KOLKATA, March 22

STATE Bank of India has worked out funding plans for three greenfield projects in West Bengal's Coochbehar district as part of a proposal to increase its exposure to industry in the northern part of the State.

Promoted by Essem Jute, Shrachi Monofilament and Poddar Food Products, these units are coming up at the Chakchaka industrial growth centre in Coochbehar.

Construction work is in various stages of completion.

Mr Gopal Chettri, Chief Manager at Coochbehar's Sagardighi Square branch, told newspersons that the growth centre would remain at the core of SBI's financing activities insofar as the local small- and medium-scale sector is concerned.

"The centre has already generated a lot of hope in the region," he added.

The local authorities as well as State Government officials based in Kolkata are keenly monitoring its progress.

Essem Jute, promoted by the Kolkata-based Mall group, is the largest unit in terms of project cost at Rs 6.44 crore.

This is being financed partly by SBI (Rs. 2.35 crore) and a financing arm of the State Government (Rs 1.5 crore).

The jute facility, which is expected to have a capacity of 10 tonnes per day, has already seen installation of critical machinery sourced from Lagan Jute.

At its full production capacity, Essem Jute will be able to generate around 250 jobs.

Poddar Food Products has worked out a project cost of Rs 2.25 crore.

The company, which has just commenced construction activities at the project site, has received a commitment of about Rs 1.13 crore from the bank. Among the smaller operations is Shrachi Monofilament, part of the Kolkata-based Todi group, for which SBI has sanctioned about Rs 36 lakh.

The unit, which has a project cost of Rs 2 crore, is also being co-financed by the State Government.

On another front, SBI is trying to identify other viable projects in the region for extending credit facilities, Mr Chettri said.

"The plan is to encourage private entrepreneurs to come up with feasible concepts.

"We are open to the idea of investing in serious ventures that are backed by efficient management and sound technology.''

The bank has also proposed to upgrade its services in North Bengal, Mr Chettri added.

SBI's plans for North Bengal, for instance, include introduction of tele-banking as well as issuing credit cards at key locations.

SBI credit cards will be launched in association with SBI Cards & Payment Services Ltd.

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