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Govt of Andhra Pradesh extends incentives to Pitti Engineering for greenfield project

Monday, 19 Jul 2021
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Pitti Rail and Engineering Components, a wholly-owned subsidiary of Pitti Engineering, had made an application for setting up a mega project in Kadapa district of Andhra Pradesh under the Industrial Incentives Policy 2020-23.
 
In this regard, the company has requested the government of Andhra Pradesh for customised incentives for making the project viable. 
 
The government of Andhra Pradesh Industry and Commerce Department on 15 July 2021 has extended a special package of incentives to the company which includes allotment of 117.85 acre of land to the unit in YSR Jagananna Mega Industrial Hub, Kopparthy at YSR district, at a concessional rate (being early bird anchor units as per YSR Jagananna Mega Industrial Hub Policy with a cap of 100 percent fixed capital investment subject to the unit investing Rs 401 crore and achieving committed employment of 2,000 by April 2024. 
 
Given the current business scenario, the company is currently reviewing the feasibility of undertaking expansion of its existing manufacturing facilities and accordingly, will be reviewing the viability of setting up the greenfield project in the state pursuant to the incentive grant.
 
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