Engineering firm Pitti Engineering Ltd. said it has received approval to receive ₹21.66 crore as incentive from the Maharashtra government for setting up an automated factory involving a capital investment of ₹160 crore in Aurangabad.
The facility came up under Package Scheme of Incentives in 2013 and was declared as a mega project.
Out of the approved total incentives, ₹16.25 crore has been sanctioned for the period from April 1, 2018 to March 31, 2020.
The remaining amount would be received in due course are per agreed terms and conditions between the government and company.
“This would boost our overall cash flows available for expansion and working capital purpose and contributes for overall growth of the company,” said Akshay Pitti, vice-chairman and MD.
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