Autoline Industries receives approval for Rs. 44.61 crore subsidy

Pune-based sheet metal manufacturing company, Autoline Industries Limited announced that the Government of Maharashtra has approved its IPS claim, after market hours on Tuesday.

The company disclosed that under the Industrial Promotion Subsidy (IPS) for Mega Project, Package Scheme of Incentive 2007 of Government of Maharashtra, VAT/CST Subsidy as per the revised Eligibility Certificate the state government has approved additional IPS claim of Rs. 44.61 crore. Of which, the company has received an amount of Rs. 14.50 crore on July 8, 2019 and with this amount the company has received a total of Rs. 35.12 crore in three tranches. The remaining amount is expected shortly.

Autoline Industries is a medium-sized engineering and auto ancillary company engaged in the business of manufacturing sheet metal components, assemblies and sub-assemblies, including foot control modules, parking brakes, hinges, cab stay and cab tilt, exhaust systems, tubular structures, and fabrications for large OEMs in the automobile industry.

Reacting to the news, the stock opened 8 per cent higher to touch intraday high of Rs. 54.90 per share. At 2.20 am, the stock traded with a gain of 5 per cent at Rs. 53 on BSE.