Blue Star drops plan to set up manufacturing plant in Jammu

Blue Star drops plan to set up manufacturing plant in Jammu
11/04/2018 , by , in ALLIED

Air-conditioner maker Blue Star  said it has called off plans to set up a manufacturing unit in Samba, Jammu due to non-availability of fiscal incentives.

The company, in 2016, announced to invest Rs 215 crore in the next 3-4 years to increase its overall production capacity to a million units per year by setting up new units at Samba in Jammu and Sri city in Andhra Pradesh

In a stock exchange filing, Blue Star said due to non-availability of fiscal incentives envisaged earlier by the company, the proposed manufacturing facility in Jammu is considered to be non-viable.

“Therefore, the company will not go ahead with this project,” it added.

The company has made an application to J&K Industrial Development Corporation to voluntarily surrender the land parcel taken on lease in July 2016 for the project.

 

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