Structural steel tube maker APL Apollo Tubes Ltd on Monday, July 10, said its wholly-owned subsidiary APL Apollo Building Products Private Ltd was granted incentives worth Rs 500 crore by the State Investment Promotion Board (SIPB) of the government of Chhattisgarh.
The incentives provided by Chhattisgarh include relaxation of stamp duty, 75 percent net SGST for 15 years, electricity duty exemption for a period of 15 years limited, and transport subsidy towards exports for 15 years.
The incentives were granted for the establishment of a manufacturing facility by APL Apollo Building Products Private Ltd at Rigni village, Simga Tahsil, Baloda Bazar District in Chhattisgarh.
Last month, Director (Operation) and Group Chief Financial Officer at APL Apollo Tubes Deepak Goyal told CNBC-TV18 said the company is on track to achieve significant milestones, including a 100 percent organic capacity expansion and is set to become debt-free by the end of FY24.
Goyal revealed that this expansion will be undertaken through organic means, indicating the company's focus on leveraging its existing resources and capabilities to fuel its growth trajectory. “All will be organic, 100 percent organic. By this yearend, we will be debt free,” he said.
Looking further ahead, APL Apollo Tubes aims to achieve an impressive capacity of 10 million tonne by the year 2030. By consistently expanding its capacity, APL Apollo Tubes aims to meet the evolving demands of its customers and strengthen its foothold in the market.
Headquartered in Delhi-NCR, APL Apollo is India's leading structural steel tube manufacturer. The company operates 11 manufacturing facilities at various locations in India with a total capacity of 2.6 million tonnes.
Shares of APL Apollo Tubes Ltd ended at Rs 1,303.50, down by Rs 13.90, or 1.06 percent, on the BSE.
(Edited by : Shoma Bhattacharjee)
First Published: Jul 10, 2023 7:35 PM IST
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