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Project envisaging Rs.401-crore investment in Kadapa gets early bird incentives

Project envisaging Rs.401-crore investment in Kadapa gets early bird incentives
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Project envisaging Rs.401-crore investment in Kadapa gets early bird incentives

Vijayawada/Visakhapatnam Andhra Pradesh Government has cleared a proposal by Pitti Rail and Engineering Components Limited to establish customised

engineering products manufacturing facility at "YSR Jagananna Mega Industrial Hub" at Kopparthy in YSR Kadapa district with an investment of Rs.401 crore.

The project will have a potential to create direct employment to 2,000 people. The government has issued an order providing a special package of incentives.The investor is being extended early bird incentives. The incentives are offered as part of a strategy to attract more investments into various sectors, a senior official said.

The imvestment proposal was placed before the State Investment Promotion Board meeting held on June 29 on the recommendations of

the State Investment Promotion Committee. Incentives are being extended to Pitti Rail and Engineering Components Limited

under the mega project category as per YSR Jagananna Mega Industrial Hub Policy.

The project proponent has to meet the employment commitment by April 2024 to get some of the incentives. APIIC will allot 117.85 acres to the unit at a concessional rate of Rs.10 lakh per acre as against the APIIC land cost of Rs. 25 lakh per acre, being one among five early bird/anchor units coming up in the park during FY 2021-2022.

Incentives include 100 percent reimbursement of stamp duty, 100 percent SGST reimbursement for eight years limited to fixed capital investment (FCI) whichever is earlier. Investment subsidy of 20 percent of FCI to Rs.10 crore, interest subvention at five percent per annum with a cap of Rs. 1.50 crore per annum and reimbursement of power cost at Re. 1 per unit for five years are being extended. The project proponent is also sanctioned a logistic subsidy of 25 percent of cost incurred on domestic transports limited to Rs.50 lakh per annum for five years, according to the order issued by Special Chief Secretary R. Karikal Valaven.

Santosh Patnaik
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