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258 applications under Tea Fund

Special Correspondent

SBI Capital Markets to appraise loans

KOLKATA: The Tea Board has received around 258 applications for loans under the Special Purpose Tea Fund (SPTF) for carrying out replantation and rejuvenation activities. SBI Capital Markets will do the loan appraisal process. It will submit its recommendations to the Screening Committee for sanction of individual loans. Major companies such as McLeod Russel India are believed to be in the fray for getting loans under SPTF.

Meetings with bankers keen to participate in the SPTF are due to be held shortly and the formalities for the first batch of 100 applications will be completed within a month, so as to set off the process by signing the first loan agreement in June-end. This is expected to happen in Guwahati in the presence of the Union Minister of State for Commerce. Sources said that following this, the next tranche of loans would be signed in Jalpaiguri in West Bengal. While Assam accounts for 80 per cent of the north Indian production, the Dooars-belt in North Bengal and Darjeeling accounts for 20 per cent.

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