Octroi concession for M&M's Ingenio

The Nashik Municipal Corporation (NMC) has decided to give concessions to Mahindra & Mahindra (M&M)'s multi-utility vehicle project "" Injenio.

The proposal regarding octroi concession for the Rs 550-crore Ingenio project was passed at the recent general body meet.

With an aim to attract large industries to Nashik, NMC had chalked out octroi norms, which were approved at its meeting in December 2006.

As per new norms, NMC gives part octroi concessions to new mega industrial projects and has determined the minimum investment for industries with various categories.

For new auto and food industries, the minimum investment is Rs 500 crore and Rs 250 crore, respectively, while IT-related new industry will require a minimum of Rs 200 crore.

Part octroi concessions are given on imported components, ancillaries and machineries.

But, this concession is not given on building materials (eg steel, cement, brick and electric items) for construction of plants.

Part concession in octroi has already been given to Mahindra Renault for its Logan project.

M&M has set up a new facility adjacent to its existing Nashik facility to manufacture Ingenio.

The facility is expected to start commercial operations shortly.