Government of Maharashtra issues Eligibility Certificate to Nitiraj Engineers; Stock ends at upper circuit

21 Jan 2022 , 03:50 PM

Nitiraj Engineers Limited has been issued Eligibility Certificate under Maharashtra Electronic Policy — 2016 by the Directorate of Industries, Government of Maharashtra

The company has been granted a Basket of Incentive having a total value of Rs8.89cr which is 80.83% of Eligible Fixed Capital Investment of ~Rs11cr on maximum admissible fixed capital investment of Rs26.15cr.

Thye company stock ended on Friday at upper band 5% higher Rs73.35 per piece up Rs3.45 on the NSE.

The Company will be entitled to get the following benefits as per the captioned eligibility certificate.

100% exemption from payment of stamp duty under relevant Government Resolution of Revenue and Forest Department.
Electricity Duty Exemption for the period 13 years 1 month from the date of commencement of commercial production i.e. from 01-01-2020 to 31-01-2033.
Interest Subsidy: – Maximum 5% of amount of interest paid on Term Loan taken for acquisition of Fixed Assets for the period of 3 years 1 month i.e. from 01-01-2020 to 31- 01-2023.
Exemption from payment of Property Tax for the period of 8 years 01 month i.e. from 01-01-2020 to 31-01-2028.

Industrial Promotion Subsidy (IPS) equivalent to Rs8.89cr i.e. 80.83% of admissible of FCI of Rs11cr Or to extent of 75% of SGST payable on 1st sale of eligible finished products in Maharashtra for a period from 01-01-2020 to 31-01-2028 whichever is lower. The IPS shall be calculated and sanctioned as per GoM G.R. dated 12-06-2018, 20-12-2018 and 08-03-2019.

Power Tariff Subsidy: – Rs. 1/- per unit for the period of 3 years 1 month i.e. from 01- 01-2020 to 31-01-2023.