Chennai: In an effort to reduce the pain arising from the closure of the Ford factory in Marimalai Nagar, the Government of Tamil Nadu is willing to offer the same financial benefits as new investors in these assets because it will offer the Greenfield plant manufacturing entity setting in TN.
Because fiscal benefits are available, if investment in the state is substantial, the government will be willing to offer this benefit to anyone who buys a Ford factory.
Apart from this, the government will also activate and track all necessary agreements so that the sale runs smoothly in an effort to bring fast resolution for this problem.
The government’s decision to provide support for the sales process was driven by the fact that the Maraaimalagar plant employed around 2,000 people who would be part of the package of plants to be offered to the buyer.
Ford has been investing for years of around $ 2.5 billion in the Chennai and Sanand factory.
Factory Nagar 350 Acre Maraimai can make up to 200,000 vehicles and 340,000 machines per year.
After accumulating operating losses of more than $ 2 billion over the past 10 years and $ 0.8 billion in a decrease in non-operative assets in 2019, Ford hopes to record pre-tax special goods costs around $ 2.0 billion, including around $ 0, including around $ 0, 6 billion in 2021, around $ 1.2 billion in 2022 and balance in the following years.
The fiscal benefits offered by the Tamil Nadu government to micro, small and medium enterprises including VAT subsidies for the first six years of production, a special capital subsidy of 15% in factories and machines for thrust sector companies including automatic, 20% of power consumption subsidies for the first 36 months, Rabat 50% on stamp duty and registration fees, plant value and 15% engine as subsidies for the push sector such as automatic and 3% interest on loan terms to increase technology and modernization.
TN offers incentives to attract Ford Factory buyers
