M.V.K. Agro Food Product Limited Receives 'Mega Project' Status for Nanded Expansion
M.V.K. Agro Food Product Limited has secured the status of a 'Mega Project' for its proposed manufacturing expansion facility in Nanded, Maharashtra, according to a communication received from the Government of Maharashtra.The project details concern the manufacturing of Sugar and allied Products, including Ethanol and Compressed Bio-Gas, slated for setup at Nanded, Maharashtra. This development is noted as having a proposed investment of approximately Rs. 2,75,00,00,000/-.
The Government of Maharashtra reviewed the project, confirming its eligibility for incentives under the Package Scheme of Incentives (PSI), 2019 and the Agro and Food Processing Policy.
Key details regarding the Mega Project are presented below:
| Particulars | Details |
|---|---|
| Nature of Project | Expansion of Manufacturing facility |
| Location | Gut No.44& 46, Kusumnagar, At Post Waghalwada, Umri, Dist. Nanded-431807, Maharashtra |
| Proposed Products | White Sugar, Molasses, Bagasse, Filter Cake, Fuel Ethanol, Compressed Bio-Gas |
| Proposed Investment | Rs. 2,75,00,00,000/- (Rupees Two Hundred Seventy-Five Crore) |
Incentives Available for Expansion
The company is eligible for several incentives, provided prescribed conditions are met. These key benefits include:- Electricity Duty Exemption: An exemption from electricity duty for a period of 10 years, commencing from the date of commercial production or the eligibility certificate, whichever comes first.
- Stamp Duty Exemption: A 100% exemption from payment of Stamp Duty, as per Government Notification, Revenue and Forest Department No. Mudrank 2019/UOR-No.23/CR328/M-I dated 20/09/2019.
- Industrial Promotion Subsidy (IPS): Equivalent to 100% of eligible investments made within a 5-year period from 01/10/2025, or to the extent of 100% of taxes payable under Gross State Goods and Service Tax (SGST) within 10 years, whichever is less. The benefits received under Electricity Duty and Stamp Duty exemption will be deducted from the total eligible IPS.
These benefits are contingent upon compliance with the terms and conditions specified in the applicable policies, including achieving the minimum investment threshold and satisfying other regulatory requirements.
The company anticipates that this development will positively contribute to its long-term operational and financial performance.
MVKAGRO Stock Price Movement
On Friday, M.V.K. Agro Food Product Limited shares slipped by 3.24% to settle at ₹554.4. The stock traded on a volume of 2,100 shares during the session.Source:
Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.
Any views, opinions, or statements expressed, where applicable, are those of the respective analysts or experts and do not reflect the views of this website. The website has no association with such viewpoints and does not assume any responsibility for them.