BEVCO invests Rs 300 cr at govt treasury

THIRUVANANTHAPURAM: Beverages Corporation made an investment of Rs 300 cr at the treasury to help the government in financial stress. The cheque for this amount will be handed over to Finance Minister KN Balagopal by Excise Minister MB Rajesh after the cabinet meeting at Kollam Beach Hotel on Wednesday. Bevco Chairman and MD Yogesh Gupta will also attend.

Bevco had earlier recovered Rs 1,000 crore with interest to activate the bank account frozen by the Income Tax authorities on allegations of falsification of income figures. Rs 300 crore will be invested with the remaining amount and a portion from Bevco's profits.

Apart from this, a loan of Rs 500 crore was also given to Kerala Social Security Pension Limited (KSSPL). This also gives relief to the government. Bevco had made a loss of Rs 278 crore in the financial year 2020-21 and reached a break-even level in 2021-22. The corporation reached profit from the very next year. The loss was avoided by making proper arrangements in the sale and distribution of liquor and by opening and operating closed retail outlets. Rs 56 crore profit was made in 2022-23. The expected profit for the current financial year is Rs 200 crores.