Innoventive's pune facility accorded 'Mega project'

Steel products maker Innoventive Industries said on Tuesday it has received industrial promotion subsidy (IPS) worth Rs 163.8 million from the government of Maharashtra.

May 24, 2011 / 17:52 IST

26 Aug, 2025 12:21

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Steel products maker Innoventive Industries said on Tuesday it has received industrial promotion subsidy (IPS) worth Rs 163.8 million from the government of Maharashtra.

Also see what is happening at another steel plant: Tata Steel to cut 1,500 jobs

The government has accorded "mega project" status for the company's manufacturing facility in Pune, which entitles the company for monetary benefits inclduing tax refunds equivalent to 75% of the investment made in the plant, it said in a statement.

The project is eligible for the subsidy till FY16, it added.

At 2:01 p.m., shares of Innoventive Industries were flat at Rs 85.90 in a Mumbai market that was up 0.14%.

first published: May 24, 2011 04:55 pm

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