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What is (SIDICO), Sikkim Industrial Development & Investment Corporation ?

SIDICO full form is Sikkim Industrial Development & Investment Corporation and it is a public sector company that was incorporated in 1977 with the primary objective of promoting industrial and investment activities in Sikkim. The Company offers a wide range of services including business advisory and consultancy, land acquisition and development, and finance.

(SIDICO) is Sikkim’s state-owned industrial development corporation has mandated to spearhead the growth of the state’s industrial sector and to provide support for entrepreneurs and businesses With a portfolio that includes both public and private companies, (SIDICO) has played a key role in the development of Sikkim’s economy.

SIDICO. Set industry in sikkim. Sikkim lottery

What is Sikkim Industrial Development & Investment Corporation?

SIDICO is a state-owned investment arm of the Government of Sikkim in India. The Corporation was established in 1977 with the aim of fostering development and industry in Sikkim. The Corporation has the mandate to promote industrialization, growth, and employment in Sikkim.

The Corporation has invested in a wide range of businesses including handicrafts, woven, manufacturing, agriculture, tourism, infrastructure development, information technology, and other sectors.

Sikkim Industrial Development & Investment Corporation History

Sikkim Industrial Development & Investment Corporation (SIDICO) is a government-owned investment company, which has been set up with the objective of accelerating industrial development and providing financial and technical assistance to state-owned enterprises in Sikkim. The company engages in various sectors such as mining, energy, infrastructure, manufacturing, and trade. It has so far invested Rs 1,280 crore in state-owned enterprises.

The foundation of SIDICO was laid in 1977 when it was established as an autonomous body under the Sikkim Pradesh Industrial Development Authority Act 1984. The corporation has undergone several name changes over the years including its earlier name Sikkim State Mining Development Corporation (SMDC).

SIDICO operates through five divisions: The company also has two wholly owned subsidiaries: SMDC Minerals Limited and SMDC Rural Infrastructure Limited.

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Sikkim Industrial Development & Investment Corporation (SIDICO) Objectives

SIDICO  is performing twin functions of State Financial Corporation and State Industrial Development Corporation with the main objectives:

a. To Provide long-term loans for setting up cottage,tiny, small and medium industries, also for expansion, diversification and modernization of industries in the State of Sikkim;
b. To provide financial assistance for the hotel industry, small hospitals/nursing homes;
c.To provide Seed Capital Assistance toward the promoter’s contribution under the scheme of IDBI/SIDBI;
d. Participation in the Share Capital of Joint Sector Projects;
e. Setting up and developing of industrial areas and industrial estates; and
f. Achieving rapid industrial & economic development of the state.

What are the major investments made by Sikkim Industrial Development & Investment Corporation?

SIDICO is a statutory body established to spearhead industrial development and investment in Sikkim. The Corporation has an authorized capitalization of Rs 1,000 crore with the Government of Sikkim as the primary shareholder. It has State-of-the-art infrastructure and institutional capacity to support industrial development in Sikkim.

Major investments made by SIDICO include:
• The construction of a hydropower plant at Pelling in Teesta Valley with an installed capacity of 345 MW;
• The establishment of a cheese production unit in Bumthang;
• The setting up of a food processing unit at Gangtok;
• The completion of the first phase of the Pokhara-Rasuwagadhi Highway Project which connects Pokhara with Rasuwagadhi;
• Setting up a dairy farm in Phuntsholing district.

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Industries in Sikkim

Some of (SIDICO)’s notable achievements include developing infrastructures such as ports and airports, helping establish firms in new industries, and providing financial assistance to companies in need. In addition, (SIDICO) provides training programs for employees in various sectors, helps promote exports, and strives to create a conducive environment for business growth.

The State Government has identified certain thrust areas for concentrated industrial development which will enjoy additional incentives as under: – 

  • Agro-based industries.
  • Floriculture.
  • Animal Husbandry and Dairy Products.
  • Minor Forest based produce.
  • Handloom, handicrafts, and village industries.
  • Tourism.
  • Precision-oriented, High Value, Low Volume products.
  • Electronic and Software.
  • Hydel Power and 
  • Tea
  • A small mining industry exists in the state, extracting minerals such as copper, dolomite, talc, graphite, quartzite, coal, zinc and lead.
  • Sikkim is a leading north-eastern state in hydroelectric power development with 28 different projects identified under PPP mode.

Industrial Area Developed by SIDICO, Sikkim

Sikkim Industrial Development & Investment Corporation (SIDICO) is a state-owned development finance institution incorporated under the Companies Act, 1956. The Corporation was formed in 1977 with the mandate to develop and promote the industrial sector in Sikkim. The Corporation has achieved remarkable success in promoting industrialization and the growth of small-scale industries in Sikkim. Sikkim has identified Rangpo-Gangtok, Melli-Jorethang, Jorethang-Rishi & Ranipool-Gangtok as industrial corridors with provision for giving land to investors on a lease basis.

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There are various products manufactured by small-scale industries developed by SIDICO. These products include textiles, garments, leather goods, carpets & rugs, agricultural implements, and electrical items among others. Apart from these products which are indigenous to Sikkim, SIDICO has also been instrumental in exporting quality manufactured goods to different parts of India and even abroad.

One of the major reasons for SIDICO’s success has been its focus on consumer-oriented industries. In order to promote innovation and creativity among entrepreneurs, SIDICO has set up Innovation Centres at various locations across the state. The Instrumentalities for Development of Small-Scale Industries (IDSSI), a debt fund created by SIDICO is also an important factor in facilitating the growth of small-scale industries in Sikkim.

Apart from promoting industrialization and growth of small-scale industries, SIDICO is also undertaking various developmental projects such as the construction of roads, bridges & other infrastructure facilities etc. In addition to this, the Corporation is also engaged in providing employment opportunities to members of Scheduled Castes/Tribes and women entrepreneurs through various

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