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A request for a one-year moratorium on repayment of term loan instalments in view of the acute power shortage that has hit industrial production in Tamil Nadu has been made by the Indian Chamber of Commerce and Industry (ICCI), Coimbatore.
In a memorandum to Finance Minister P. Chidambaram, RBI Governor D. Subbarao and K.R. Kamath, Chairman, Indian Banks’ Association (IBA), the President of ICCI R.R. Balasundharam said that the industrial units in Tamil Nadu were unable to run their operations to capacity and were unable to execute their orders as the production was less than 30 per cent of capacity.
The industries were also facing a host of other problems like cost escalation, inability to repay term loan instalments and high interest rates. To tide over the difficulties, he sought a one-year moratorium on term loan repayment, which he said, was necessary to repay the loan.
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