Gets incentives from Govt. of Maharashtra for its proposed project worth Rs 460 crore
Bedmutha Industries announced that the Government of Maharashtra has decided to confer the status of 'Mega Project' on the company's proposed project to invest Rs. 460 crore on the basis of level of Fixed Capital Investment and offered the following incentives subject to compliance of the conditions of PSI, 2013.
1) Electricity Duty exemption for a period of 7 years from the date of commencement of commercial production.
2) 100% exemption from payment of Stamp Duty in accordance with the dispensation in this regard under the Government Notification Revenue and Forest Department no. Mudrank 2013/UOR- No. 19/C.R. - 235/ M-I dated 16.10.2017.
3) Industrial Promotion Subsidy (IPS) equivalent to 100% of eligible investment under PSI 2013 made within a period of 5 years from 8th February, 2018. But, IPS will, however, be limited to 100% of the
eligible investment, less the amount of benefits availed at Sr. No. (1) and (2) as per period prescribed therein or to the extent of 100% amount of taxes payable under the State Goods and Service Tax (SGST) by the project in respect of first sale of finished products within state of Maharashtra eligible (i.e. gross SGST received by the Government of Maharashtra without Marketing Companies) within 7 years whichever is lower.
4) The IPS Mega Project will be admissible only after the company invests Rs. 250 crores in eligible fixed assets at the site, within a period of 5 years from the date of application to the Directorate of Industrial (Mumbai) i.e. 8th February, 2018 after completion of all effective steps as per 7.1 of PSI 2013, failing which the project will not be treated as a Mega Project but also a normal unit under PSI, 2013, if otherwise eligible under that scheme.
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