Nandan Denim receives sanction of Subsidy under Gujarat State Textile Policy - 2012
Deepthi | Myequity news | Date : 05-09-2018 17:00:00 IST
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. 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.
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 upto Rs. 340 crore for a period of eight years starting from December, 2016.
Commenting on this development, Mr. Deepak Chiripal, CEO, Nandan Denim Limited 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 & Global Textile Industry”About Nandan Denim Limited (NDL):
Nandan Denim Limited (NDL) is India’s largest and world's fourth largest integrated denim fabric maker. Company commenced its operations in 1994 with textile trading business and forayed into textile manufacturing in 2004. Nandan Denim currently engages in manufacturing of denim fabric, shirting fabric and yarn. NDL is a part of leading conglomerate, Chiripal Group, established in 1972 and is currently diversified across several businesses like Textiles, Chemicals, Packaging, Infrastructure and Education. Headquartered in Ahmedabad, Gujarat, NDL has expanded its capacity from 6 MMPA to 110 MMPA over the period of last 14 years. With this, the Company has become the largest denim fabric manufacturer in India. The Company has two state of the art manufacturing facility units in Ahmedabad, Gujarat and exports its denim fabric to over 27 countries. A team of 5,000 passionate & motivated individuals drive Nandan Denim Ltd.