Gujarat okays subsidy for Nandan Denim

Nandan Denim Limited (NDL), India?s largest denim fabric manufacturer announced that the application made by company for sanction of various incentives (Interest, Power, VAT / GST) under Gujarat State Textile Policy, 2012 has been approved.

The company expects to save Rs 65 crore on account of interest and power subsidy over a period of five years starting from December 2016. Further, company is entitled for GST / VAT refund of up to Rs 340 crore for a period of eight years starting from December, 2016.

Commenting on this development, Deepak Chiripal, CEO, Nandan Denim, said, ?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.?