In a move to promote industrialisation in the North Eastern region, the Union government on August 13 approved Rs 86.09 crore subsidy to Adhunik Cements in Meghalaya. The subsidy has been cleared to the company under the Central Capital Investment Subsidy Scheme (CCISS), 2007 of the North East Industrial and Investment Promotion Policy (NEIIPP), 2007, an official release said.
The Cabinet Committee on Economic Affairs approved the subsidy. The statement said that the grant of the subsidy will not only provide incentives to the operational units but also boost the confidence of existing investors as well as potential investors in the states of the North East Region.
This is the first claim under NEIIPP, 2007 which has been brought for the consideration of the Union Cabinet paving the way for approval of other similar cases.