Artificial Electronics Intelligent Material Ltd Secures Incentives from Maharashtra Government for Mega Project

Artificial Electronics Intelligent Material Ltd (AEIM) has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra for setting up a manufacturing facility for Saphire Ingots and wafers at Mihan SEZ, Nagpur, Maharashtra. The project involves an investment of Rs. 10,000 Crore. The Government of Maharashtra has granted several incentives to AEIM for this Ultra Mega Project under Thrust and Hi-Tech Sector Government Policy. These incentives include a 30% capital subsidy on fixed capital investment including technical know-how, 100% exemption from payment of stamp duty, electricity duty exemption, interest subsidy up to 4%, power tariff subsidy of Rs. 3/- per unit, and land provided at a concessional rate of 25% in MIHAN SEZ / MIDC lands. These incentives are also applicable to captive process vendors.