Services
GST Registration Online
Hi-Green Carbon receives Rs. 28.88 crore incentive under Maharashtra's PSI-2019
Team Finance Saathi
02/Jan/2025
What's covered under the Article
- Hi-Green Carbon Limited secures Rs. 28.88 crore under Maharashtra's PSI-2019.
- Dhule plant operations began in November 2024, with an investment of Rs. 3610.53 Lakhs.
- Eligibility Certificate issued ensures annual benefits until October 2034.
Hi-Green Carbon Limited, a prominent name in the carbon industry, has achieved a major milestone by receiving the First Eligibility Certificate from the Joint Director of Industries, Nashik Region under the Package Scheme of Incentives - 2019. This certification is a testament to the company’s significant contributions to Maharashtra’s industrial growth, specifically for its newly established plant in Dondaicha, Dhule District. The Package Scheme of Incentives (PSI-2019) is an initiative by the Government of Maharashtra to foster industrial expansion and job creation in the state, particularly in regions that require economic upliftment.
Significant Investment Commitment
The Dhule plant, with a projected cost of Rs. 4954.68 Lakhs, marks a crucial phase in Hi-Green Carbon’s growth strategy. The company has already completed the first phase of its investment, amounting to Rs. 3610.53 Lakhs, by October 13, 2024. This demonstrates the company’s unwavering commitment to the project, which began operations in November 2024.
Eligibility for Annual Incentives
As a result of its ongoing investment and the successful completion of the first phase, Hi-Green Carbon is entitled to claim incentives amounting to Rs. 2888.42 Lakhs (Rupees Twenty Eight Crore Eighty Eight Lakhs Forty-Two Thousand) for a period of 10 years, from November 1, 2024 to October 30, 2034. These annual incentives of Rs. 288.84 Lakhs (Rupees Two Crore Eighty Eight Lakhs Eighty Four Thousand) will provide a substantial boost to the company’s finances as it works toward completing the remaining investment.
The Maharashtra government’s due diligence through its officers and the successful awarding of the Eligibility Certificate is a significant step in ensuring that Hi-Green Carbon continues to receive the benefits under the Package Scheme of Incentives. The company expects to complete the remaining investment of approximately Rs. 1400 Lakhs before the deadline of March 2026, to be eligible for further incentives, which are estimated at Rs. 1100 Lakhs.
Appreciation for Government Support
Hi-Green Carbon Limited has expressed its heartfelt gratitude to the Government of Maharashtra and the Joint Director of Industries, Nashik Region for their invaluable support in this journey. The company recognizes the essential role of the government in creating a conducive environment for industrial growth and collaboration.
In conclusion, the receipt of this First Eligibility Certificate is a clear indication of Hi-Green Carbon’s dedication to its expansion plans and its commitment to contributing to Maharashtra’s industrial landscape. This achievement not only paves the way for the company’s growth but also enhances its credibility within the industry.