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.

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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%.