Industrial projects worth Rs 9,072 cr cleared by TN cabinet
The Tamil Nadu cabinet on Saturday approved various industrial projects to come up at different parts of the state at a total investment of Rs 9,072 crore.
By PTI |
CHENNAI : The Tamil Nadu cabinet on Saturday approved various industrial projects to come up at different parts of the state at a total investment of Rs 9,072 crore.
The cabinet also announced incentives for industrialists, who will set up units in nine backward southern districts. It also waived the special fee levied on students of sixth to 12th standard in government and government-aided schools.
The projects cleared included tyre factory by Michalin from France at a cost of Rs 4,000 crore in Tiruvallur, Rs 350-crore construction equipment factory by Dusan Infracore in Kancheepuram.
Oil and gas rig unit by Harshas at an investment of Rs 1,500-crore, a Rs 250-crore electronic spares for motor vehicles manufacturing unit by the US-based Delpi, Rs 2,512 crore boiler plant by Sedar Vessels in Tiruchirappali and a Rs 460 crore costic soda plant of DCW in Tuticorin were other few to receive the nod, an official release said.
The cabinet also approved a tax holiday scheme for the industries coming up in the backward southern districts of Madurai, Theni, Dindigul, Sivaganga, Ramanathapuram, Virudhunagar, Tirunelveli, Tuticorin and Kanyakumari.
ADVERTISEMENT
Industries with an investment ranging between Rs 50-250 crore were entitled for soft loan for payment of VAT after seven years from the date of commissioning the project. For projects with an investment of over Rs 250 crore, the government would refund the VAT collected up to 21 years. The cabinet also decided to make modifications in the package given to Asokh Leyland and Nissan for their Rs 4,150 crore automotive factory coming up near Chennai.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
