The Telangana government announced several measures, including subsidies and waiver of commercial taxes dues, aimed at revival of a pulp unit of Ballarpur Industries Limited (BILT) in the state, shut since 2014.
BILTs pulp business operates a facility in Jayashankar Bhupalpally that produces rayon grade pulp for manufacture of viscose staple fibre (VSF) and viscose staple yarn (VSY).
A government order announcing the incentives said the closure of the unit for the past four years has affected livelihood of its 750 workers and their families and hundreds of others indirectly dependent on it.
The government offered a consolidated subsidy of Rs.21 crore per year for 7 years through Telangana Forest Development Corporation towards supply of pulp wood.
A maximum subsidy of Rs.9 crore per annum for 7 years will be released to the Telangana Power utilities for supply of electricity to the unit. Among other incentives, the order said commercial tax dues of the company would be waived.
It also extended an investment subsidy of Rs 12.5 crore toward the company's proposed Rs 125 crore modification in plant and machinery and other renovation work.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
