NIBE shares surge jumped more than 4% in morning trade after the company received ‘Mega Project’ status from Department of Industries, Energy, Labour, and Mining, Government of Maharashtra.
The company plans to invest Rs 1200 crores in manufacturing aircraft parts such as wings, jet engines, vertical and horizontal stabilizers, cockpits, fuselage (body), flaps, evaor, rudder and more.
In the exchange filing, the company shared, “Under the Mega Project Status, in addition to various benefits available to the Company as per package Scheme of Incentives Policy, 2019, 300 acres of land would also be made available to the Company by MIDC, Shirdi for this project.”
As of 10:44 am, NIBE shares were trading 4.90% higher at Rs 2,127.60 on the NSE.
