New Delhi, Apr 10 (PTI) Air-conditioner maker Blue Star today said it has called off plans to set up a manufacturing unit in Samba, Jammu due to non-availability of fiscal incentives.
The company, in 2016, announced to invest Rs 215 crore in the next 3-4 years to increase its overall production capacity to a million units per year by setting up new units at Samba in Jammu and Sri city in Andhra Pradesh.
In a stock exchange filing, Blue Star said due to non-availability of fiscal incentives envisaged earlier by the company, the proposed manufacturing facility in Jammu is considered to be non-viable.
“Therefore, the company will not go ahead with this project,” it added.
The company has made an application to J&K Industrial Development Corporation to voluntarily surrender the land parcel taken on lease in July 2016 for the project.
Blue star stock closed 0.22 per cent down at Rs 792.05 on BSE.
The AC maker had earlier closed its two units at Thane and Bharuch.
This is published unedited from the PTI feed.