Innoventive Industries receives sanction for IPS claim of Rs 25.46 crore

24 Sep 2011 Evaluate

Innoventive Industries (IIL) has received a sanction for industrial promotion subsidy (IPS) claim of Rs 25.46 crore from the Government of Maharashtra (GOM), Directorate of Industries vide its letter dated 20th September, 2011 subject to terms and conditions mentioned therein.

The company’s main facility at Pimple Jagtap in Pune had been awarded ‘Mega Project’ status by the GOM under the Package Scheme of Incentives in 2007. This entitles the company for some monetary benefits which include - 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.

With its Mega Project status the company is eligible for IPS until FY2016. Upon eligibility, the company started getting IPS primarily by way of VAT refunds from the year 2010 and this sanction represents the third consecutive refund. This validates the company’s strong compliance with the terms and conditions to be fulfilled in order to be eligible for such benefits. The GOM had recently issued circulars dated 10th and 17th March 2011 which further clarified and laid out guidelines for eligibility of refunds under the scheme. IIL remains eligible for these benefits even under the revised circular.

IIL has made significant investments in building state-of-the-art manufacturing facilities and developing its in-house R&D to improve the company’s processes and product innovations. Its marquee client base like Alstom Projects India, Bajaj Auto, BHEL, John Deere India, Salem Steel North America LLC and Thermax are a testimony to its superior and consistent quality of products. The company’s growth for the year remains robust and the company expects this trend to continue well in the rest of this year due to newer product introductions, fresh client additions and increased export volumes.

Innoventive Industries is a multi-product engineering company which manufactures precision steel tubes, membrane panel strips, auto components, oil well drilling couplings, pup joints and other steel products catering to applications in diverse sectors such as transportation, oil and gas, boilers, heat exchangers, energy, farm equipment and general engineering.

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