SICOM  was established in 1966 with an objective of industrial development of the economically backward areas of Maharashtra and thereby expedite the process of industrialisation in the State. For more than 30 years, SICOM has become synonymous with innovativeness and integrity in the field of development of Maharashtra.

In 1994, responding to the changing economic milieu in India, SICOM restructured itself.  Government of Maharashtra disinvested 51 percent of its shares. SICOM now functions with a more market oriented approach. SICOM has removed limits on project size and quantum of loan. While the traditional areas of expertise still continue, SICOM has sought to diversify its services in its endeavour to offer total solutions in finance. Even after restructuring, the role of SICOM as promotional agency for the Government of Maharashtra continues. It also functions as a nodal agency for Non-Resident Indians and Foreign Direct Investments in Maharashtra.  

Services   

A consistently profit making organisation, SICOM has played a vital role as catalyst of industrial progress.  Some of SICOM's main tasks as State Industrial Development Bank are :   

Project Finance,  
Industrial Promotion and  
Management of Package Scheme of Incentives for the Government of Maharashtra

The INDUSTRIAL ESCORTS DIVISION of SICOM co-ordinates with the concerned State and Central Government Departments, Corporations and other Institutions in a constant endeavour to create new infrastructural facilities and to upgrade the existing facilities in the developing areas. Thus, housing, effluent treatment and disposal plants, power supply and telecommunication facilities are constantly sought to be introduced and improved. It keeps in constant touch with Industrial Associations and individual units and renders assistance in solving their infrastructural problems. Escorts Division helps entrepreneurs in pursuing their demands on the macro as well as micro level. It also helps the Government by advising on crucial issues related to industrial and infrastructural development.  

PROJECTS DIVISION of SICOM has been involved in conceptualising and promoting various projects like feeder air services, roads, water transport services and ports. Besides providing advisory services, Projects Division, also provides financial assistance by way of equity and term loan to commercially viable infrastructure projects. In respect of commercially viable projects in other sectors, it provides financial assistance by way of equity. It has offered advisory services to the Government of Maharashtra on the privatisation of government undertakings, formulation of minor ports, development plans with the bidder, financial viability analysis, etc  

This Division is structured on the basis of different regions ensuring speedy processing of loan applications and better servicing of clients. All the procedures of the project finance, from appraisal to sanctioning and recovery are done under one roof; within one group. This enables the entrepreneur to deal with same group of officers throughout the period of the loan, resulting in better understanding of specific needs of the project. The various groups and districts covered by them are as under:  
  

GROUP	DISTRICTS COVERED
Aurangabad	Aurangabad, Jalna, Beed.Parbhani, Osmanabad, Latur and Nanded
Kolhapur	Kolhapur, Sangli, Satara and Sindhudurg
Nagpur	Nagpur, Bhandara, Chandrapur, Gadchiroli, Wardha, Arnravati, Akola, Yavatmal and Buldhana
Nasik	Nasik, Dhule and Jalgaon
Pune	Pune, Ahmednagar and Sholapur
Raigad	Raigad, Ratnagiri
Tarapur	Tarapur Industrial Area in Thane
Thane	Thane (excluding Tarapur Industrial Area)

   
INFRASTRUCTURE AND INDUSTRIAL PROMOTION : In the Infrastructure sector, which is one of the key sectors in the future developments,the Company has broadened the sphere of its activities from fee based advisory services to financial assistance by way of term loans and equity participation. Some of the major achievements of SICOM are the drafting of Information Technology Policy (IT Policy) and Water Transport Policy on behalf of the State Government and advisory services to Maharashtra Maritime Board for evaluation of bids received for Vijaydurg port.  

SICOM has co-promoted Mahakali Flyover Co. Ltd. for construction of a six lane 1.45 kms long toll free flyover including three subways on the Western Express Highway at Andheri. Mumbai on BOT basis. The cost of the project is estimated at Rs. 140 crore. Another novel project taken up in association with Alliance Technology and Development  (ATD) Group, Singapore is for construction of a modern fifth generation underwater world at the  
existing Taraporewala Aquarium at Marine Drive, Mumbai.  

SICOM functions as a Manager of Package Scheme of Incentives of Government of Maharashtra. SICOM was associated with the formulation of the Scheme in 1967 and at the time of every revision later on, in view of the expertise it had gained over the years.   

CREDIT RATING OF SICOM  

SICOM has successfully maintained the Credit Rating by CRISIL for two instruments, viz. Bonds and Debentures and Fixed Deposits to AA and FAA+ respectively, representing high degree of safety regarding timely payment of interest and principal. During the year,the Company has also got the credit rating for the Commercial Papers Programme of  Rs. 50 Crore as P1 + representing the highest safety regarding timely payment of interest and principal.  

BOARD OF DIRECTORS  :