Innoventive Industries has received the second claim of Rs 16.38 crore against the quoted claim of 19.27 crore pertaining to the period April 01, 2009 to March 31, 2010 by the Government of Maharashtra, Directorate of Industries. This is in light of an overall investment of Rs 262.46 crore made by the Company as at November 30, 2010. However, as per standard procedure, the balance amount of Rs. 2.89 crore equivalent to 15% of second claim will be received after completion of business audit by VAT Department of Maharashtra Government.
Earlier, the Government of Maharashtra, Directorate of Industries disbursed an amount of Rs 38.78 lakhs towards Company’s first claim, for the period December 1, 2008 to March 31, 2009.
All this comes in the backdrop of the Eligible benefits under the Package Scheme of Incentives 2007 granted to the “Mega Projects”. As the company’s plant located at Pimple Jagtap, in the year 2007, 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 and conditions.
Innoventive Industries is a multiproduct engineering company engaged in the manufacturing and sale of precision steel tubes, tubular components, auto components, machined components and other steel products which find application in diverse industrial sectors such as transportation, oil & gas, power, farm equipments and general engineering.
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