Bansal Wire Industries Limited has received a Letter of Comfort from the Uttar Pradesh government for its new wire manufacturing unit in Dadri. The company had applied for incentives under the Uttar Pradesh Industrial Investment & Employment Promotion Policy-2022. It sought a capital subsidy for its investment of ₹410.52 crore. The government has approved the application, and Bansal Wire Industries will be eligible for a capital subsidy of 18% of the eligible capital investment, subject to annual ceilings.
The application was submitted on January 18, 2024, and the Letter of Comfort was granted on September 3, 2024. The new unit will focus on producing high carbon wire, mild steel wire, and specialized wire. The project is categorized as ‘Mega’ and is located in Gautam Buddha Nagar.
The capital subsidy will be provided in 12 equal annual installments, with a maximum annual ceiling of ₹10 crore, and an additional ceiling of ₹15 crore with boosters.
“Dear Sir / Madam, Pursuant to Regulation 30 of the SEBl (Listing Obligations and Disclosure Requirements), Regulations, 2015 (Listing Regulations), we hereby wish to inform you.that Company had filed an application with Invest UP department of Utfar Pradesh Govemm6nt for seeking the fiscal incentive under the Uttar Pradesh Industrial Investment & Employment Promotion Policy-2022 and the said application was acoepted by the Department and Let(er Of Comfort (LOG) for the same is granted to the Company on 3rd September 2024 and communication received on 4th September, 2024,” the company said in NSE exchange filing.