Foods and Inns Ltd receives 2nd tranche of incentives under PLI scheme

Foods and Inns Ltd. has successfully received the 2nd tranche of incentives from the Government of India, totaling Rs. 15.69 crores, under the Production Linked Incentive (PLI) scheme for the fiscal year FY'22-23 on the 31st of March 2024 (Rs.9.71crs was received as incentives for FY'22 in July 2023). This achievement marks a significant milestone for our company, reaffirming our commitment to excellence and our vision for growth.

We are proud to state that Foods and Inns Ltd. has fulfilled all the requirements stipulated under the PLI scheme, including meeting the committed capital expenditure (capex) and achieving the sales revenue targets for FY'23 and FY'24 as outlined in our application. This accomplishment would not have been possible without the unwavering dedication and hard work of our team.

We express our sincere gratitude to the Government of India for their continued support and confidence in our capabilities. The financial assistance received through these incentives will play a crucial role in fueling our growth initiatives and further solidifying our position as a leader in the industry.

It is important to note that a portion of the incentives (10% of eligible incentives) for FY'22 and FY'23, amounting to Rs. 1.09 crores and Rs. 1.75 crores respectively, has been withheld by the government. This amount totaling Rs. 2.84 crores will be received along with our incentives for FY'24 or earlier upon completion of the site inspection and issuance of the completion certificate by the Ministry.

We extend our heartfelt appreciation to the Ministry of Food Processing and the Government of India for their invaluable support and partnership. As we move forward, Foods and Inns Ltd. remains committed to contributing to the growth and prosperity of India and all our stakeholders.

Shares of FOODS & INNS LTD. was last trading in BSE at Rs. 130.15 as compared to the previous close of Rs. 130.90. The total number of shares traded during the day was 75076 in over 859 trades.

The stock hit an intraday high of Rs. 134.95 and intraday low of 129.20. The net turnover during the day was Rs. 9939122.00.

Source : Equity Bulls

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FOODSandINNS INE976E01023 PLIScheme 2ndTranche