Talking to reporters at government circuit house here for the first time after his induction in the State ministry, Kupekar said that the corporation would be set up on the lines of Krishna Valley Development Corporation (KVDC). The funds would be raised by issuing debentures.

Various sugar factories were lying incomplete following the apathy shown by the Shiv Sena-BJP alliance government, he alleged and pointed out that Rs 600 to 700 crore would be needed to extend help to such factories to complete their works. Henceforth permission would not be granted for new spinning mills to be set up on cooperative basis in the State as the functioning of the present mills was not satisfactory. Some of them were running with huge losses while some had already been closed.

When the Shiv Sena-BJP alliance government assumed office they ``destroyed'' the cooperative movement by issuing notices under Cooperative Act sections 72, 73, 78, 88 which were challenged by about 4,500 concerned parties, he claimed.