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Punjab to extend scheme for sick units till Dec 31

Wednesday, October 14, 2009 (22:07:54) Tags: Business, Industries, Punjab Chandigarh: The Punjab government today decided to extend till Dec 31 this year the one-time settlement (OTS) scheme, launched to provide relief to sick industrial units. "This decision was taken in a meeting chaired by Chief Minister Parkash Singh Badal here today (Wednesday)," said an official spokesperson of the state government. The OTS scheme was launched in March this year to rehabilitate the sick units by the state-level financial institutions. Earlier, the government had said the scheme would be terminated in October. Financial institutions associated with this project include Punjab State Industrial Development Corp (PSIDC), Punjab Agro Industries Corp (PAIC) and Punjab Financial Corp (PFC). "So far, PSIDC and PFC had secured commitments of availing OTS scheme to the tune of Rs.120 crore and Rs.68 crore respectively," the official said. He added that the final amended draft of the existing OTS scheme would be shortly placed before the cabinet for its approval. (IANS)