Karnataka clears incentives to set up medical oxygen plants
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After going through a extreme scarcity of medical oxygen through the peak days of COVID-19 in 2021, the State Cabinet on July 15 determined to present incentives, together with 25% capital subsidy, for corporations to set up medical oxygen plants in Karnataka.
At a Cabinet assembly chaired by Chief Minister B.S. Yediyurappa, the federal government determined to present 25% capital subsidy on the worth of mounted property, topic to ₹10 crore minimal funding, to set up medical oxygen plants in Karnataka.
Following the demand for incentives from the Oxygen Manufacturing Associated Enterprises in Karnataka, it was determined to give 100% exemption on electrical energy obligation for 3 years after graduation of oxygen manufacturing, and extra energy tariff subsidy of ₹1,000 per tonne of oxygen provided to medical hospitals of the federal government.
The Cabinet additionally determined to give 100% stamp obligation exemption on land and mortgage paperwork’ registration and reimbursement of charges charged for conversion of land to set up oxygen plants, stated Minister for Home, Law and Parliamentary Affairs Basavaraj Bommai after the assembly.
At current, the Minister stated Karnataka has 9 medical oxygen manufacturing plants with 815-tonne manufacturing capability and 5,780-tonne storage capability, and 6 suppliers.
Investors’ meet
With investments persevering with to circulate to Karnataka, the State Cabinet on July 15 determined to conduct a ‘Global Investors’ Meet – Invest Karnataka’ on February September 11, 2022 at Palace Grounds in Bengaluru.
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