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MACHINIST - Innoventive Industries Ltd receives Rs. 16.38 Cr Industrial Promotion Subsidy

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Innoventive Industries Ltd receives Rs. 16.38 Cr Industrial Promotion Subsidy
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Written by Vivek   
Tuesday, 24 May 2011

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Pune: Innoventive Industries Ltd. (IIL) has received Industrial Promotion Subsidy (IPS) of Rs. 16.38 Crore* from the Government of Maharashtra. The company's main facility at Pimple Jagtap in Pune had been awarded a Mega Project status by the Government of Maharashtra under Package Scheme of Incentives in 2007.

This entitles the company for some monetary benefits which include IPS in the form of VAT refunds equivalent to 75% of the eligible investment made in the plant with effect from March 28, 2007 subject to certain terms & conditions. With its Mega Project status the company is eligible for IPS until FY 2016.

The company started getting IPS primarily by way of VAT refunds from the year 2010 and this is the second consecutive refund.

The Government of Maharashtra 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.

"We continue to benefit from the Mega Project status awarded by the Government of Maharashtra and we have received Rs. 16.38 Crore as VAT refund (IPS) on this account. This demonstrates that our business conforms to the requisite regulatory guidelines and compliances under the Mega Project status set by the Government of Maharashtra. The refunds will continue to accrue until FY2016 for goods sold in Maharashtra until we exhaust the subsidy available to us. This benefit will add to the earnings of the company and will help IIL deliver performance in line with its financial plan," said Jitendra Palande, Group CEO, IIL.

Innoventive Industries Ltd is a manufacturer of precision components catering to applications in sectors such as automobiles, boilers & heat exchangers, energy, oil & gas, 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.

The company's growth for the year remains robust and the Company expects this trend to continue well into the next year due to newer product introductions, fresh client additions and continual exports.

*On May 20, 2011 amount of Rs. 16,38,29,000/- has been received by the company against its claim of Rs. 19,27,43,724/- pertaining to the period April 01, 2009 to March 31, 2010. As per standard procedure, the balance amount of Rs. 2,89,14,724/- equivalent to 15% of its claim will be received after completion of business audit by VAT Department of Maharashtra Government.

 
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