The Telangana Industries department has agreed to offer a slew of benefits, incentives and subsidies to Hatsun Agro Product Limited for setting up an ice cream plant at Govindpur in Zaheerabad taluk in Medak district of the State.
The company in a regulatory filing has informed BSE that the Telangana Industries & Commerce Department through a Memo dated September 1, 2020, which was communicated to the company on November 20, 2020, has agreed for providing various subsidies for an amount not exceeding ₹25 crore.
Investment plan
Hatsun Agro had earlier this year indicated its plan to set up a 100 tonnes ice cream per day plant in Telangana with an investment of ₹207 crore.. Apart from benefitting the local dairy farmers, the new facility is expected to create about 500 jobs.
The State has identified agri, food processing and related sectors as one of the focus areas with potential for investment and job creation. It has identified few land parcels where such industries could come up in a cluster, paving the way for job creation and boosting the local economy.
Hatsun Agro shares closed at ₹944.95 up 2.32% on Friday at BSE.