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 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".
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.
Shares of Nandan Denim Limited was last trading in BSE at Rs.77.95 as compared to the previous close of Rs. 78.3. The total number of shares traded during the day was 4034 in over 120 trades.
The stock hit an intraday high of Rs. 78.5 and intraday low of 77. The net turnover during the day was Rs. 313483.