APL Apollo Building Products Private Ltd received a grant of INR 500 crore from the Government of Chhattisgarh for the establishment of a manufacturing facility at Rigni Village, Chhattisgarh.
Jul 10, 2023
APL Apollo Building Products Private Ltd, a subsidiary of APL Apollo Tubes Limited, received a grant of INR 500 crore from the State Investment Promotion Board (SIPB) of the Government of Chhattisgarh. The grant provided by the Government of Chhattisgarh includes relaxation of stamp duty, 75 percent net SGST for 15 years, electricity duty exemption for a period of 15 years limited, and transport subsidy towards exports for 15 years. The grant was provided for the establishment of a manufacturing facility by APL Apollo Building Products Private Ltd. at Rigni Village, Chhattisgarh.
As per Deepak Goyal, Director (Operation) and Group Chief Financial Officer at APL Apollo Tubes, the company is on track to achieve significant milestones, including a 100 percent organic capacity expansion and is set to become debt-free by the end of FY24. “All will be organic, 100 percent organic. By this year end, we will be debt-free,” he said. APL Apollo Tubes aims to achieve a capacity of 10 million tonnes by the year 2030. The main objective of the expansion is to meet the growing demand of its customers and strengthen its position in the market.