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HSIIDC crumbling under massive Rs 14,000 cr debt

Gurugram: A reply to a recent RTI query filed by activist Aseem Takyar has revealed that the state-owned Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) is reeling under a massive debt, to the tune of Rs 14,000 crores.
The reply revealed that the public agency has to pay almost 19 banks an exorbitant amount of Rs 13,941 crores.
A major reason for the massive debt is increased land acquisition and enhanced compensation to allotees.
In order to pay this huge amount, HSIIDC, on a monthly basis, has to pay an interest of Rs 92 crore and, for the current financial year, has to pay interest amount of Rs 713 crore.
To pare off its debt, HSIIDC is hoping that 1,327 plots in the 20 acre of Global City built in Garhi Harsaru in Gurugram are sold at a good value, which is expected to fetch the debt-ridden agency Rs 12,000 crore.
HSIIDC officials have also expressed optimism of a sale of 12-acre plot in the industrial area of Udyog Vihar, which would result in the public agency gaining Rs 1,000 crore.
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