Pvt investors get cabinet nod to set up defence units in MP
The MP cabinet at its meeting endorsed the state government’s Defence Production Promotion Investment Policy. Under the policy, defence production units will be provided up to 50 acre govt land.bhopal Updated: Nov 06, 2014 00:18 IST
The MP cabinet at its meeting on Wednesday endorsed the state government’s Defence Production Promotion Investment Policy.
As per policy, the government would offer facilities to those companies establishing their units in the state while investing Rs 500 crore or more.
As per the state government spokesperson parliamentary affairs minister Narottam Mishra, it was decided by the cabinet to include Gwalior also under the policy. As of now, ordnance depots are functioning at Katni, Itarsi and Jabalpur.
Under the policy, defence production units will be provided up to 50 acre government land. Stamp duty will be reimbursed if closed/sick units are purchased to establish the units. Each of such units will be provided facility of a separate escort officer. A subsidy will be given on the basic infrastructure on raw land.
For attracting foreign direct investment (FDI) special package will be sanctioned to defence products projects established with immovable share capital of minimum Rs 500 crore. Subsidies as per rules will be given for income/expenditure on transport of imported materials from seaport to venue of industry. Besides, defence production units will also be given other subsidy facilities.