INDUSTRY NEWS

Industries pin their hopes on RBI bailout package

About 250 stressed engineering industries in Tiruchi region are staring at closure before the start of next fiscal if RBI does not consider their plea for a bailout package.

So far, nearly 40 units have closed down over the last few years due to implementation of SARFAESI (Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest) Act.

Implementation of the SARFAESI Act was temporarily stopped for 52 units after the Tamil Nadu Boilers Association and BHEL Small Industries Association (BHELSIA) made several representations to the Central and State governments calling for a halt to the legal proceedings.

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