Nandan Denim to get ₹65 crore subsidy from Gujarat govt

Nandan Denim has been sanctioned subsidy of ₹65 crore from the government of Gujarat on account of interest and power subsidy over a period of five years starting from December, 2016. India's largest denim fabric manufacturer had applied for the sanction of various incentives (interest, power, VAT/GST) under Gujarat State Textile Policy, 2012. The company is entitled for GST/VAT refund of up to ₹340 crore for a period of eight years starting from December, 2016. The government of Gujarat had come out with a comprehensive textile policy in 2012 to overhaul the textile industry in Gujarat, with an aim to create jobs in the sector. "We are thankful to the state government for accepting our request and giving the necessary sanctions. With this announcement, the company expects to have substantial inflows in the coming years. The move will further enhance Nandan Denim’s position as a formidable force in the Indian and global textile industry," said Deepak Chiripal, CEO, Nandan Denim Limited. (RR)