Parag Milk Foods today announced that it has received Rs 279.3 crore incentive from the Maharasthra government for its mega project at Manchar.
The incentive has been offered by the Maharashtra government based on the investments made and employment generated in the state, the company said in a regulatory filing.
"The incentive is for a period of eight years starting August 2017 and the total admissible amount is Rs 279.3 crore," Parag Milk Foods said.
The incentive per year is about Rs 34.9 crore, it said.
The company yesterday reported a 98 per cent jump in consolidated net profit to Rs 25 crore for the second quarter ended September 30.
The Pune-based company has its manufacturing facilities at Manchar in Maharashtra and Palamaner in Andhra Pradesh.
It sells cow milk products under the brands Gowardhan, Go and Pride of Cows.
Shares of the company fell 5 per cent to close at Rs 257 a piece on BSE today.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)