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Ten companies have defaulted on loans worth ₹66.25 crore given by the Council for Scientific and Industrial Research (CSIR) for research and development (R&D) activities under the New Millennium Indian Technology Leadership Iniatiative. The soft loans carry a 3 per cent interest rate.
Among the top defaulting companies are Samtel Color, Ghaziabad, which got a soft loan of ₹20.63 crore in 2006-07 and Clutch Auto Ltd, Faridabad, which got ₹14.93 crore in 2007-08, according to a written reply to Lok Sabha by Science & Technology Minister Jaipal Reddy on Thursday.
About 40 companies, including Lupin Ltd, Cadila Pharma, and Kinetic Engg, have been given soft loans for R&D activities by CSIR, the Minister added.
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