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Innoventive Inds receives Rs 25.46 crore under "package scheme of incentives 2007"

02 Mar 2012 Evaluate

Innoventive Industries has received an amount of Rs 25.46 under 'package scheme of incentives 2007' against the company’s third claim amounting to Rs 29.96 pertaining to the period April 01, 2010 to March 31, 2011 from Government of India.

In the year 2007 company’s plant at Pimple Jagtap was granted 'the Mega Project' status by Government of Maharashtra under 'Package Scheme of Incentives 2007' which entitled the company for some monetary benefits which included; Industrial Promotion Subsidy (IPS) in the form of VAT refund equivalent to 75% of the eligible investment made in the plant with effect from March 28, 2007 subject to certain terms & conditions.

However, as per standard procedure, the balance amount of Rs 4.49 crore equivalent to 15% of third claim will be received after completion of business audit by VAT Department of Maharashtra Government.

Innoventive Industries was incorporated for manufacturing of domestic appliances. It is a multiproduct company catering to applications in diverse sectors such as automobile, boiler and heat exchangers, energy, oil and general engineering. It specializes in processing various types of steel, faster development cycles, flexible production systems, effective supply chain management for efficient delivery and capability to make tubular transformations.

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