Sturdy Industries to set up project near Guwahati

Sturdy Industries Ltd has informed BSE that it has taken land at Chaygaun near Guwahati on lease from Assam Industrial Development Corporation for setting up project for manufacturing of ABC cables and conductors, aluminum profiles and other aluminum products like wire & tubs with an investment of Rs 111 crore.

According to a stock exchange announcement, the project entitled various fiscal benefits of concessions in purchase raw material, supply of finished goods, excise exemption, income tax holiday & VAT exemption besides interest subsidy etc for a period of 10 years.

The company has already initiated action for initial developments at site and start financial arrangement with existing bankers although the other banks have also shown interest to finance the project at competitive interest rates. The construction for equity will be brought through preferential issue and internal accruals from existing business.