PLANNING TO ESTABLISH AN INDUSTRIAL UNIT
IN THE SMALL, MEDIUM, OR LARGE/JOINT SECTOR
ANYWHERE IN INDIA ?
ABOUT COSIDICI
Council of State Industrial Development and Investment Corporations of India {COSIDICI} is a National Federation of State Level Financial Institutions (SLFIs) comprising 18 State Financial Corporations (SFCs), 29 State Industrial & Infrastructure Development Corporations (SIIDCs) and 9 State Infrastructure Development & Investment Corporations (SIICs), engaged in promotion, development and financing of industry mainly in the small and medium sector. Established in 1976, COSIDICI acts as a catalyst by providing assistance and guidance through its network of 56 affiliated State Industrial Development and Investment Corporations in the following
areas :
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Facilitating the availability of loans on soft terms;
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Assisting in the allotment of industrial plots/sheds in industrial estates or parks developed by state-level corporations;
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Providing technical assistance for the preparation of project reports;
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Guiding entrepreneurs on availing special incentives offered by respective State Governments for setting up industries.
ABOUT THE MEMBER CORPORATIONS :
The primary objective of the Council of State Industrial Development and Investment Corporations of India {COSIDICI} is to coordinate, harmonize, and strengthen the functioning of State-Level Financial Institutions (SLFIs) across the country. COSIDICI serves as a collective forum through which these institutions can express their perspectives, share best practices, and address common challenges. By offering a unified platform, COSIDICI enables its Member Corporations to voice their concerns and policy suggestions effectively before the appropriate government authorities and regulatory bodies. At present, all State-Level Financial Institutions functioning in India are affiliated with COSIDICI as its esteemed members, reflecting its pivotal role in fostering collaboration and advocacy within the development finance ecosystem.
State Financial Corporations (SFCs), established under the State Financial Corporations Act, 1951, play a vital role in promoting balanced regional development by providing medium- and long-term financial assistance to small and medium enterprises (SMEs) within their respective states. They help bridge the credit gap for MSMEs, encourage entrepreneurship, generate employment, and support industrial growth in backward and rural areas. By offering loans, guarantees, and other financial services, SFCs contribute to inclusive economic development, though they face challenges such as limited resources and rising non-performing assets. SFCs play a crucial developmental role by supporting MSMEs, fostering entrepreneurship, and promoting balanced industrial growth across states. However, to remain effective, they need financial strengthening, policy support, and operational reforms.
State Industrial & Infrastructure Development Corporations (SIIDCs) are state government agencies in India responsible for promoting industrial growth and developing infrastructure. They plan and establish industrial areas, facilitate investments through single-window clearances, provide financial and policy support, and develop both physical and social infrastructure like roads, power, housing, and schools. SIDCs also promote balanced regional development by encouraging industries in backward areas and often partner with private players through PPP models to implement projects efficiently. Their role is crucial in attracting investments, generating employment, and driving economic development within their respective states. SIIDCs act as engines of industrialization and catalysts for infrastructure growth. Their success directly influences a state’s ability to attract investments, create jobs, and boost overall socio-economic development.
State Industrial Infrastructure and Investment Corporations (SIICs) play a vital role in promoting industrial growth by developing and managing industrial infrastructure, attracting investments, and facilitating ease of doing business in their respective states. They acquire land, develop industrial estates and sector-specific parks, provide basic infrastructure like roads, power, and water, and offer single-window clearance for approvals. These corporations also support industries through land allotment, financial incentives, and Public-Private Partnerships (PPP), while ensuring compliance with environmental and policy guidelines to enable sustainable and inclusive industrial development.
AIMS & OBJECTIVES OF COSIDICI :
The Aims and Objectives of COSIDICI is to coordinate and integrate the activities of its member Corporations, fostering collaboration and synergy among them. It serves as a unified platform that enables these Corporations to collectively project their views and concerns. Acting as their spokesperson, COSIDICI represents and advocates on behalf of its members by effectively communicating their consolidated perspectives to the relevant authorities and stakeholders, thereby facilitating informed decision-making and promoting their shared interests.
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Provide and arrange means and facilities for dissemination of knowledge and information relating to promotion and development of industries, for exchange of views and ideas on subjects of common interest to all Member Corporations;
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Promote, protect and develop common interests of the various Member Corporations;
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Establish and maintain at the Registered Office a Commercial and Technical Library and Information Centre for use of Member Corporations;
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Co-operate with various institutions and organisations in India and abroad in the Collections and exchange of information pertaining to industries;
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Sponsor professional, technical, management, marketing and other programmes and services for the benefits of the Member Corporations;
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Sponsor studies, surveys, research and development projects pertaining to industries;
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Promote co-ordination, collaboration, joint participation and general understanding among the Member Corporations;
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Organise common service facilities, courses, seminars, meetings and study tours for the benefit of the Member Corporations;
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Institute awards for outstanding and meritorious performance in the activities connected with development of industries
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Seek representation for the Member Corporations on Government sponsored committees, councils, bodies, term lending institutions, teams etc. connected with the development of industries;
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Render assistance to Member Corporations in their efforts to improve efficiency of operations of their assisted and sponsored units;
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Establish contacts, relations with trade organisations, associations, Chambers of Industries or Commerce of India and abroad in furtherance of the objectives of the COSIDICI;
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Liaise with and to represent to the Central and State Governments, the term lending and other financial institutions on the common problems and issues of the Member Corporations;
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Co-operate and affiliate, if necessary, with the other similar bodies, institutions associations in India and abroad with the intention of furthering the objectives of the COSIDICI;
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Do all such other things as may be incidental or conducive to the attainment of the above objectives.
ACTIVITIES & INITIATIVES OF COSIDICI :
To achieve these objectives and maintain direct communication with its Member Corporations, COSIDICI has been publishing a bi-annual Journal titled ~ “COSIDICI COURIER” since 1978. This publication plays a vital role in uniting the interests of member corporations and has become an effective medium for disseminating information of common interest. Over time, the journal has garnered a wider readership, extending beyond its members to government bodies and financial institutions. In addition to updates on developments within member corporations, the COSIDICI COURIER features valuable insights on the state of the Indian economy, government policy measures aimed at promoting industrialization, fiscal incentives provided by the government, and thought-provoking articles on industrialization by eminent personalities.
COSIDICI has been organizing an annual National Award Function since 2013 to honor successful industrial units financed by State Level Financial Institutions (SLFIs), showcasing their vital role in driving industrialization and economic progress across the country. The inaugural event was held in New Delhi, with Shri Namo Narain Meena, the then Union Minister of State for Finance, as the Chief Guest. Since then, the Award Functions have been hosted by SLFIs in various states, including Kerala (Thiruvananthapuram), Jammu, Madhya Pradesh (Indore), Goa, Karnataka (Bengaluru), Puducherry, Rajasthan (Jodhpur), TamilNadu (Coimbatore) and Assam (Guwahati). COSIDICI regularly updates these achievements on its website to highlight the significant contributions of SLFIs in promoting industrial growth nationwide.
COSIDICI conducts the ESG Compliance National Level Training Programme and International Exposure Study Tour, meticulously designed to enhance the conceptual understanding and operational competencies of senior executives from its Member Corporations. In collaboration with reputed institutions such as the CAB (RBI), Pune, FICCI, AIMA, NIBSCOM etc. these programs are specifically tailored to meet the needs of State Level Financial Institutions (SLFIs). A significant number of senior executives have benefited from these initiatives, which aim to equip them with the latest knowledge and skills necessary to excel in their professional roles. Members have consistently expressed that these training programs are highly useful and impactful for their career development.
COSIDICI has consistently endeavored to coordinate and integrate the activities of its Member Corporations. In line with this commitment, the COSIDICI Secretariat initiated the online Samvad4SLFIs ~ Technical Session. This forum aims to facilitate the exchange of ideas and address common issues by engaging experts from diverse fields - such as the Banking Sector, GST Department, MSME Department, C4i4, IITs, and Startup Experts - on an honorary basis. Members of COSIDICI expressed sincere appreciation for the Samvad4SLFIs ~ Technical Session organized under COSIDICI’s aegis. They recognized it as a well-structured and insightful initiative that added substantial value to participating officers. The technical discussions and knowledge-sharing activities were especially praised for enhancing the officers’ understanding of critical operational and strategic aspects relevant to their roles. Overall, the session was widely regarded as a commendable effort towards capacity building and professional development within the member organizations.
The affairs of COSIDICI are administered by an Executive Committee composed of senior Civil Servants nominated from various State Level Financial Institutions (SLFIs). The composition of the Committee is carefully structured to ensure equitable representation from all regions of the country. As of the present date, the Executive Committee comprises 18 members, who are elected annually by the General Body. The Executive Committee is presently constituted by the following Chief Executives of our Member Corporations :
| |
Name |
Representing Corporation |
| President |
Dr. N. Yuvaraj, IAS |
Managing Director,
Andhra Pradesh State Financial Corporation
{APSFC} Vijayawada
|
| Vice-Presidents |
Shri Kumar Jayant, IAS |
Chairman & Managing Director,
Tamilnadu Industrial Investment Corporation
Limited {TIIC}, Chennai
|
| Ms. Ayushi Jain, IAS
|
Managing Director,
Assam Financial Corporation {AFC}, Guwahati
|
| Smt. Shivangi Swarnkar, IAS
|
Managing Director,
Rajasthan State Industrial Development &
Investment Corporation Ltd. {RIICO} Jaipur
|
| Dr. Sriram Venkitaraman, IAS |
Managing Director,
Kerala Financial Corporation {KFC}
Thiruvananthapuram
|
| Shri Jamesh P.K.Sangma |
Chairman,
Meghalaya Industrial Development Corp. Ltd.
{MIDC}, Shillong
|
| Shri B.S. Pai Angle |
Managing Director,
EDC Limited, Panaji, Goa
|
| Executive Committee Members |
Shri Kanhuraj H. Bagate, IAS |
Vice Managing Director,
Maharashtra State Financial Corp. {MSFC}
Mumbai
|
| Dr. M.T. Reju, IAS |
Managing Director,
Karnataka State Financial Corporation {KSFC}
Bengaluru
|
| Shri K. Vijayendra Pandian, IAS |
Managing Director,
Uttar Pradesh Financial Corporation {UPFC},
Kanpur
|
| Shri Sushil Sarwan, IAS |
Managing Director,
Haryana State Industrial and Infrastructure
Development Corporation Ltd. {HSIIDC},
Chandigarh
|
| Ms. Rakhi Sahay, IAS |
Managing Director,
Madhya Pradesh Financial Corporation {MPFC}
Indore
|
| Ms. Mousumi Chattaraj Chaudhuri, IAS |
Managing Director,
West Bengal Financial Corporation {WBFC},
Kolkata
|
| Shri P.T. Rudra Goud, IAS
|
Managing Director,
Pondicherry Industrial Promotion Development &
Investment Corporation Ltd. {PIPDIC},Pondicherry
|
| Shri Shafat Sultan |
Managing Director,
Jammu Kashmir & Ladakh Finance Corn.
{JKLFC} Jammu
|
| Co-opted Members |
Shri Rajeshwar Goel, IAS |
Managing Director,
Himachal Pradesh State Industrial Development
Corporation Ltd. {HPSIDC} Shimla
|
| Shri Kumar Ramnikant, IAS |
Managing Director,
Nagaland Industrial Development Corporation
Ltd. {NIDC} Dimapur
|
Secretariat of COSIDICI
| Shri Hans Raj Verma |
Shri Hans Raj Verma is a distinguished Indian Administrative Service officer
with nearly four decades of exemplary service in the Tamil Nadu cadre.
Known for his visionary leadership and commitment to inclusive development,
he currently serves as the Director General of the Council of State Industrial
Development and Investment Corporations of India (COSIDICI) and the
Chairman of ITCOT Ltd., Chennai. His current roles reflect his deep
dedication to national development through institutional strengthening and
sustainable industrial growth. Over the course of his career, Shri Verma has
held pivotal leadership positions across sectors including industry,
infrastructure, environment, rural development, MSME, IT, and governance.
His multidimensional expertise is complemented by his role as a Member of
the Working Group/Expert Committee of the National Biodiversity Authority,
an autonomous body under the Ministry of Environment, Forest and Climate
Change, Government of India.
As Director General of COSIDICI, Shri Verma has brought a renewed
strategic focus to the organisation, especially in promoting Environmental,
Social, and Governance (ESG) compliance, sustainable business practices,
and the growth of the MSME sector. Under his stewardship, COSIDICI has
actively convened and supported impactful events and seminars on themes
such as ESG integration, carbon management, Industry 4.0, and sustainable
innovations in critical sectors including leather and defence manufacturing.
These forums have fostered valuable knowledge exchange, policy dialogue,
and cross-sector collaboration among stakeholders.
A strong proponent of future-ready development, Shri Verma envisions
COSIDICI as a catalyst for empowering State-Level Financial Institutions
(SLFIs) and accelerating MSME growth through innovative policy initiatives,
capacity building, and strategic partnerships. His leadership continues to align
national aspirations with global sustainability goals, placing COSIDICI at the
forefront of industrial transformation and responsible growth.
|
| Shri Sanjeev Sharma |
Shri Sanjeev Sharma is presently serving as the Deputy Secretary at the
Council of State Industrial Development and Investment Corporations of India
(COSIDICI), New Delhi. In his role, he is entrusted with crucial responsibilities
including policy coordination, organizational administration, and facilitation of
communication among various State Level Financial Institutions (SLFIs)
across India. An alumnus of Delhi University, Mr. Sharma holds a degree in
Office Management and Secretarial Practice and has further enhanced his
professional acumen through an Executive MBA from KSU. His educational
background equips him with a strong foundation in administration, strategic
planning, institutional management and organizational leadership.
With a strong background in administration and policy implementation, Mr.
Sharma brings to COSIDICI a unique blend of academic knowledge and
practical experience and advancing COSIDICI’s mission to promote balanced
and sustainable industrial growth across India. He is also known for
spearheading innovative initiatives within COSIDICI, aimed at modernizing
operations, enhancing member engagement, and fostering inter-institutional
collaboration. His proactive approach and vision-driven leadership have
contributed significantly to scaling the organization to new heights of
achievement, making it a more dynamic and responsive body in India’s
industrial development ecosystem.
Owing to the insightful direction of the Deputy Secretary, the COSIDICI
Journal has emerged as a professional publication, distinguished by its
diverse and engaging content. His steadfast dedication and consistent
coordination with fellow members have been instrumental in elevating the
Journal titled ~ COSIDICI COURIER into an informative and esteemed
resource for its readership. With a blend of academic excellence and
practical insight, Mr. Sharma continues to drive transformation and capacity
building within COSIDICI, earning recognition for his dedication, foresight,
and commitment to institutional excellence.
|
| Ms. Divya Udayakumar |
Ms. Divya Udyakumar is an accomplished finance and development
professional, currently serving as a Consultant with the Council of State
Industrial Development and Investment Corporations of India (COSIDICI),
New Delhi. In this capacity, she plays a key role in facilitating coordination
with government agencies, public sector undertakings, and development
institutions across Tamil Nadu, supporting COSIDICI’s mission of inclusive
industrial growth.
In addition to her role at COSIDICI, Ms. Udyakumar is the Director of UDM
Strategic Advisor LLP, a Chennai-based consultancy firm that specializes in
providing strategic advisory services to MSMEs and large enterprises. UDM
offers end-to-end support in project planning and execution through the
preparation of Detailed Project Reports (DPRs), bankable business plans,
company profiles, and investment memorandums. The firm also supports
clients in navigating regulatory landscapes and accessing financial
assistance. A core strength of UDM lies in its comprehensive Environmental,
Social, and Governance (ESG) advisory services. Under Ms. Udyakumar’s
leadership, UDM works with businesses to identify material ESG aspects,
improve compliance, and embed sustainability into their core strategies. The
firm offers ESG audits, policy development, stakeholder engagement
frameworks, and disclosure support aligned with national and international
standards.
Ms. Udyakumar brings to the table a rich professional experience that
includes her tenure as Executive Secretary at the Tamil Nadu Industrial
Investment Corporation (TIIC), where she was instrumental in supporting
industrial development and entrepreneurship. She also has prior experience
at HSBC Bank, contributing to strategic and regulatory initiatives. With a deep
understanding of institutional processes, policy frameworks, and stakeholder
alignment, Ms. Divya Udyakumar continues to be a valuable partner in driving
sustainable and inclusive business growth.
|
Brief Profile
of our Member Corporations
State
Financial Corporations : State Financial Corporations were established
in the States under the Central Act, viz.. The State Financial Corporations
Act, 1951, with the basic objective of promoting and developing small scale
industries in the respective states with a special focus on spreading industrial
culture in the rural, semi-urban and backward areas of the States. These
corporations are owned by the respective state governments jointly with
IDBI and they are functioning under the administrative control of the state
governments. The Chairman and Managing Directors of these corporations
are senior IAS officers appointed by the state governments in consultation
with IDBI. The Board of Directors of SFCs is highly professional in character
and consists of senior executives of the state governments, a representative
each from RBI. IDBI and SIDBI, besides other interests like Co-operatives,
Life Insurance, entrepreneurs are also represented on the Board. They are
employing highly professional and technical personnel to carry on the business
operations such as M.B.As.., C.As., engineers, marketing experts, etc.
These corporations have opened a number of regional offices in the states
to cater to the requirements of the entrepreneurs . SFCs provide term loan
to small and medium scale industries for creation of assets, viz., land,
building and machinery. They also provide working capital term-loan to
the industrial units on competitive terms. Various non fund based services
like merchant banking, under-writing of public issues, project counselling,
bill discounting, leasing and hire purchase are also been undertaken by
them. They are operating a number of financial assistance schemes for the
benefit of the entrepreneurs such as assistance for marketing activities,
equipment finance, special schemes for assistance to ex-servicemen, single
window scheme, etc. SFCs provide maximum loan upto Rs. 240 lakhs. The interest
on loan ranges between 13.75% to 16.5% depending upon the size of the loan
and its term.
State
Industrial Development Corporations : The State Industrial Development
Corporations were set up under the Companies Act, 1956, as wholly owned
state government undertakings for promotion and development of medium and
large industries. In addition to provision of financial assistance, they
are also involved in developing industrial infrastructure like industrial
estates, industrial parks and setting up industrial projects either on
their own or in the joint sector in collaboration with private entrepreneurs
or as wholly owned subsidiaries. SIDCs exist in all the States and have
developed industrial infrastructure facilities to enable prospective entrepreneurs
to set up their industries in the states. These corporations render technical
assistance to the entrepreneurs in the formulation of the project reports
and also provide common facilities in the industrial estates. These corporations
provide loans and advances to the industrial units in the medium and large
sectors to the maximum of Rs. 400 lakhs. The interest rate ranges between
13.5% to 17% depending upon the size of the loan.
State
Industrial Infrastructure and Investment Corporations : The State Industrial
Infrastructure and Investment Corporations have also been set up under
the Companies Act under the overall control of the State Governments to
develop industrial infrastructure in the States. As on date, only 10 such
corporations have been set up in the States of Andhra Pradesh, Gujarat,
Maharashtra, Orissa, Tamil Nadu, Uttar Pradesh, Delhi and Goa. These corporations
are primarily engaged in developing infrastructure, which has been identified
as the major thrust area for taking the country on the path of the economic
growth. The infrastructure projects undertaken by these corporations include
developing industrial growth centres, export promotion zones, software
parks, industrial townships, industrial parks, as also industrial estates.
To a large extent, these corporations are supplementing the efforts of
State Industrial Development Corporations in so far as development of industrial
infrastructure in the states is concerned.
Some
of our corporations have hosted their own website and the details in this
regard are furnished below to enable prospective entrepreneurs to have
direct access to them :
Senior Personnel’s Contributions towards COSIDICI during their Tenure
- Shri Bhagwan Singh, IAS (Retd.) worked as Secretary General, COSIDICI till 1978;
- Shri Ramesh Mulgund, Ex-Officer, Indian Institute of Public Administration worked as Secretary COSIDICI till 1980;
- Shri A.S. Dixit, Ex- Officer, Indian Foreign Service, Government of India worked as Secretary COSIDICI till 1989;
- Shri J.K. Aggarwal, Ex-Administrative Officer, Comptroller and Auditor General of India worked as Deputy Secretary, COSIDICI till 1990;
- Shri R.C. Mody, Ex-Chief General Manager, Reserve Bank of India {RBI} worked as Secretary General, COSIDICI till 1998.
- Shri K.K. Mudgil, Ex-Executive Director, National Housing Bank {NHB} & former Chief General Manager, Reserve Bank of India {RBI} worked as Secretary General, COSIDICI till 2012;
- Shri Vikram Singh Rathore, Ex-Executive Director, Small Industries Development Bank of India {SIDBI} worked as Secretary General, COSIDICI till 2016;
- Smt. Renu Seth, Ex-Probationary Officer, State Bank of India {SBI} worked as Secretary General, COSIDICI till 2024;
- Shri G.N. Sharma, Ex-Under Secretary, Ministry of Finance, Deptt. of Economic Affairs {Banking Division} Government of India worked as Joint Secretary, COSIDICI till 2000;
- Shri D.R. Gangopadhyay, Ex-Chief General Manager, Industrial Finance Corporation of India {IFCI} worked as Additional Secretary, COSIDICI till 2000;
- Shri Ram Phal Sharma, Ex-Senior Manager, Reserve Bank of India {RBI} worked as Deputy Secretary, COSIDICI till 2005;
- Shri J.C. Khanna, Ex-Deputy Director {Indian Economic Services}, Planning Commission worked as Associate Editor, COSIDICI till 2000.
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