Mangalore Refinery and Petrochemicals (MRPL), rose over 4% touching the day's high of Rs54.90, after the company said the state government of Karnataka has sanctioned special incentive package for the company's phase III refinery expansion and upgradation project.
The incentives from the government of Karnataka for the phase III expansion and upgradation project includes exempting Mangalore Refinery and Petrochemicals (MRPL) from payment of entry tax on plant and machinery and capital goods during the initial period of four years from the date of commencement of project implementation, the company said in a statement.
MRPL will also be exempted from payment of entry tax on the crude oil required for the third phase over and above the refining capacity of first and second phase for 15 years from the start of commercial production of third phase. MRPL will also get the benefit of CST exemption for 15 years from the date of commencement of commercial production of third phase for all interstate sales made out of the phase III throughput.
MRPL can also avail of interest free soft loan at the rate of 100% of the eligible gross VAT during the first three years and thereafter at 60% of eligible gross VAT on the sale of poly propylene, petroleum coke, LSHS, naptha, LPG (incremental production), mixed xylene and reformate to non SEZ units for 15 years to be repaid in 15 years equal annual installments thereafter, limited to Rs500 crore per annum.
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The incentives from the government of Karnataka for the phase III expansion and upgradation project includes exempting Mangalore Refinery and Petrochemicals (MRPL) from payment of entry tax on plant and machinery and capital goods during the initial period of four years from the date of commencement of project implementation, the company said in a statement.
MRPL will also be exempted from payment of entry tax on the crude oil required for the third phase over and above the refining capacity of first and second phase for 15 years from the start of commercial production of third phase. MRPL will also get the benefit of CST exemption for 15 years from the date of commencement of commercial production of third phase for all interstate sales made out of the phase III throughput.
MRPL can also avail of interest free soft loan at the rate of 100% of the eligible gross VAT during the first three years and thereafter at 60% of eligible gross VAT on the sale of poly propylene, petroleum coke, LSHS, naptha, LPG (incremental production), mixed xylene and reformate to non SEZ units for 15 years to be repaid in 15 years equal annual installments thereafter, limited to Rs500 crore per annum.
....more info