The Telegraph
Monday , August 11 , 2014
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Funds fillip for auto hub

The Adityapur auto cluster project received a major boost with the department of industrial policy and promotion, which function under the Union ministry of commerce, releasing a second funds instalment of Rs 16 crore.

Officials of Adityapur Auto Cluster Limited (AACL), a special purpose vehicle formed for the project in Seraikela-Kharsawan district, confirmed the development. “We have received funds that will give fresh impetus to the project,” said R.K. Sinha, managing director, AACL.

He said they were supposed to hold a board meeting on Saturday to discuss utilisation of funds. But, the same could not take place because a representative from the Union ministry could not come. “We have sought a fresh date later this month,” Sinha added.

Of the Rs 65-crore auto cluster project, the Centre is expected to provide Rs 48 crore and the state Rs 7 crore while the rest is supposed to be raised by local entrepreneurs.

Last year, the Union ministry had sanctioned a first instalment of Rs 16 crore. Sinha is sanguine that the third and final instalment would come in another 6-7 months.

The state had released its first share of Rs 2.18 crore in 2012. Officials hope to get another Rs 2.5 crore in the next two months. Entrepreneurs have so far raised Rs 4.5 crore.

The cluster comprises a hi-tech lab, a common effluent treatment plant and a hazardous waste management facility.

The Rs 42-crore lab is ready on Tata-Kandra Road. The Rs 12-crore effluent plant will be built in Adityapur in eight months. The AACL recently received the nod for the third facility in Dugni for Rs 12 crore.

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