Sikkim Industrial Development and Investment Corporation Ltd. (SIDICO) was established in the year 1977 under the Registration of Companies Act, Sikkim, 1961 as a State Level Principal Financial Institution for promotion, financing and development of industries in tiny, cottage, small and medium sector in the State of Sikkim.
OBJECTIVES & FUNCTION:
SIDICO is performing three fold functions of State Financial Corporation, State Industrial Development Corporation and State Infrastructure Development Corporation.
The main objectives of the Corporation are:
a) To provide terms loans for setting up Cottage, Tiny, Small and Medium Industries as also for expansion, diversification and modernization of existing units.
b) Also to provide financial assistance for Hotel Industry, Small Nursing Homes.
c) Participation in share capital for joint sector projects.
d) Setting up and development of industrial areas and industrial estates.
e) Help in the outreach programme of the Government like the Chief Minister’s Self Employment Scheme (CMSES), Chief Minister’s Self Reliant Scheme (CMSRS), Comprehensive Educational Loan Scheme (CELS) and Chief Minister’s Free Scholarship Scheme (CMFSS).
f) Achieve rapid industrial and economic development of the State.
g) Special Purpose Vehicle (SPV) for availing loan on behalf of the Govt. of Sikkim (Roads & Bridges Department) for infrastructure development from financial institutions viz. NABARD ,HUDCO and Bank of Maharashtra.
BOARD OF DIRECTORS
The present Board of Directors of the Corporation constitutes the following members:
| Chairman: | Shri JanakGurung Chairman, SIDICO, Gangtok, East Sikkim. |
| Director: | Principal Secretary, Finance Rev. & Exp. Dept. |
| Govt. of Sikkim Dept. Principal Secretary, Commerce & Industries. Govt. of Sikkim Dept. Managing Director, State Bank of Sikkim. Nominee IDBI Managing Director, SIDICO. |
CAPITAL STRUCTURE OF SIDICO AS ON 31/3/2019.
| Authorized Share Capital: | Rs. 20.00 crore |
| Subscribed and Paid up Capital: | Rs. 17.14 crore |
The share holders of the Corporation being:
| 1) Government of Sikkim (GOS): | Rs. 10.77 crore (63%) |
| 2) Industrial Development Board of India (IDBI): | Rs. 6.37 crore (37%) |
SIDICO has been the delivering channel for the State Govt. in implementing schemes like Chief Minister’s Self Employment Scheme (CMSES), Chief Minister’s Self Reliant Scheme (CMSRS), Comprehensive Educational Loan Scheme (CELS), Chief Minister’s Free Scholarship Scheme (CMFSS), the ASIDE Scheme, the National Mission for Food Processing Scheme and the Securitization loan availed by the Govt. from a consortium of banks which was subsequently taken over by HUDCO (Housing and Urban Development Corporation Limited) and has been also nominated as a Special Purpose Vehicle and entrusted with the responsibility of availing the loan under NABARD-NIDA scheme and HUDCO (Housing and Urban Development Corporation Limited) for onward transmission to the State Roads & Bridges Department for implementation.