SIDBI Opens New Branch In Trichy To Support MSMEs And BHEL Ancillary Units

ENA Economy 2024-10-15 17:36:41 Tiruchirappalli, Oct 15 (KNN) In a significant move to bolster support for the micro, small and medium enterprise (MSME) sector, the Small Industries Development Bank of India (SIDBI) inaugurated a new branch in Thillai Nagar, Trichy on Monday. This expansion is part of the Union government's initiative to enhance SIDBI's reach and services across major MSME clusters in the country. The newly established branch is strategically positioned to cater to various industrial clusters in the central region, including Trichy's prominent jewellery sector and the ancillary MSME units that support the Bharat Heavy Electricals Limited (BHEL) Trichy factory. This development aligns with the government's announcement in the Union budget to expand SIDBI's network, with plans to add 24 new branches by the end of 2024, ultimately serving 168 out of 242 major MSME clusters. SIDBI Chairman and Managing Director, Manoj Mittal, who presided over the inauguration, revealed that MSMEs in Trichy district have been provided with outstanding credit facilities amounting to Rs 7,660 crore as of June 2024, primarily through the commercial banking network. Mittal further announced plans to open additional branches in Karur, Tirunelveli, and Sivakasi later this year, emphasising the positive impact of BHEL's revival on ancillary units. The new Trichy branch is expected to play a crucial role in assisting and educating local MSME units, facilitating their adoption of cutting-edge technologies to enhance competitiveness. Mittal also noted that the printing and safety match industries cluster in Sivakasi and Virudhunagar would be served through the Trichy and Madurai offices until a dedicated branch is established in Sivakasi. Local MSME units have welcomed SIDBI's presence in Trichy, anticipating that it will aid in upgrading their infrastructure to secure more orders. This development comes at an opportune time, as BHEL Trichy has projected an annual requirement of 1.2 lakh metric tonnes of outsourced components, one of the highest in recent decades, due to orders for commissioning at least seven thermal power plants across India. (KNN Bureau) 39604 https://knnindia.co.in/news/newsdetails/economy/sidbi-opens-new-branch-in-trichy-to-support-msmes-and-bhel-ancillary-units 2024-10-15 17:36:41 knnindia.co.in SIDBI Opens New Branch In Trichy To Support MSMEs And BHEL Ancillary Units