Polo Queen Industrial and Fintech Ltd's project conferred 'Mega Project' status

The board of directors of Polo Queen Industrial and Fintech Limited have taken note of the Offer Letter received from the Government of Maharashtra conferring the status of "Mega Project" to the Company's proposed manufacturing project intended to be set up at MIDC Mahad. Dist. Raigad, Maharashtra. The Status is under Package Scheme of Incentive Policy 2019 and Agro and Food Processing Policy, GR No. PSI 2020/ CR.80/ Ind-8 dated 31.08.2020 on the basis of level of fixed capital investment and various incentives subject to the compliances of the PSI-2019.

The board also approved the proposal for fund raising for the company's proposed Agro Processing Project at MIDC, Mahad, District-Raigad, Maharashtra and Data Centre Project at MIDC, Dombivali, District- Thane, Maharashtra by way of issue of Equity Shares/ any other equity linked instruments/ debts/ securities or any combination thereof, for investing aggregate amount not exceeding Rs. 2500 Cr., through one or more Preferential Issue on a Private Placement basis or Rights Issue or Qualified Institutional Placements or through combination thereof or any other permissible mode, as may be considered appropriate in accordance with the relevant provisions of applicable law.

Mahad project is based on Agro processing with its end products having multifarious applications in the domestic and export markets in pharmaceuticals, food, industrial and poultry feed. Additionally, the proposed project will also produce bioethanol and import substitutes for pharmaceutical applications.

Source : Equity Bulls

Keywords

PoloQueenIndustrialandFintech MegaProject ManufacturingProject MIDC Mahad