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SupplyCo | Photo: Akhil ES
Kochi: The debt of Kerala State Civil Supplies Corporation is mounting. As per the 2022-23 data, the total debt is Rs 3508.43 crore. According to the estimate till 12 January, 2023, there is a due of around Rs 100 crore to suppliers alone.
Most of the amount was borrowed for the day-to-day needs of Supplyco and for the salaries and other benefits of employees. There are a total of 3,384 permanent and 6,462 temporary employees in Supplyco.
Loans have been taken out from banks like Kerala Bank, Federal Bank, Canara Bank and the State Bank of India. The main reason for the financial crisis of Supplyco is the Rs 2,354.21 crore arrears from the state government.
Supplyco is struggling to find money even for daily needs. The government is yet to consider the demand from Supplyco to pay at least some of the arrear amounts immediately.
Managing Director and Chairman Sanjeeb Kumar Patjoshi told Mathrubhumi that although there is an operating profit, Supplyco is facing loss as the debt is doubling every year. This has been brought to the attention of the finance department, but no action has been taken, he said.
The total arrears due to farmers with respect to paddy procurement till January 12 for the 2022-23 season is about Rs 171.09 crore. Supplyco's average monthly turnover is Rs 330 crore.
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