Nandan Denim Limited (NDL), India’s largest denim fabric manufacturer announced that the application made by the 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 cr 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 cr for a period of eight years starting from December, 2016.
Commenting on this development, 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.”