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Govt. announces capital subsidy
The State government on Thursday announced incentives for companies willing to manufacture medical oxygen in the State.
The government announced that companies that invest in Tamil Nadu to produce oxygen concentrators, oxygen cylinders and medical oxygen will get 30% capital subsidy over a two-year period. The companies that wish to avail themselves of this subsidy must begin production before August 15.
Investments made between January 1 and August 31 will also be taken into account.
For investments made between January 1 and November 30 for setting up plants with a minimum capacity of 10 metric tonnes of liquid oxygen, 30% capital subsidy will be given over five years. The firms concerned must start production by November 30. For these companies, the Tamil Nadu Industrial Investment Corporation Limited will immediately provide loans at 6% interest with subsidy.
Provision of land
The State Industries Promotion Corporation of Tamil Nadu and the Small Industries Development Corporation will provide land to such companies on a priority basis. The firms will also be provided single-window clearances through the Tamil Nadu Guidance Bureau without any fee.
The Tamil Nadu Industrial Development Corporation will encourage companies to manufacture COVID-19-related medical equipment, oxygen concentrators and vaccines, among others, through joint ventures, the government said.
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