Moneycontrol Bureau
Shares of Ballarpur Industries (BILT) climbed 9 percent intraday Tuesday as the paper manufacturer has received revival package for manufacturing unit from Telengana government.
The company said Government of Telengana has agreed to extend incentives for restarting manufacturing at Kamalapuram unit, situated at district Warangal.
Incentive included subsidy upto Rs 9 crore per annum on supply of power and another subsity upto Rs 21 crore per annum on supply of pulp wood. These subsidies are subject to completion of certain formalities & conditions and will be available to the company for seven years.
BILT is also expecting similar incentives from Andhra Pradesh Government.
In May, the company had temporarily shut down unit Kamalapuram due to adverse global and Indian market conditions of rayon grade pulp/viscose staple fibre. It had given representation to Telengana and Andhra Pradesh governments since then.
At 11:34 hours IST, the scrip of Ballarpur Industries was quoting at Rs 17.15, up Rs 0.25, or 1.48 percent on the BSE.
Posted by Sunil Shankar Matkar
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