The personal care and hygiene company named NIINE has been selected for the PLI (Production Linked Incentive) scheme for the Textile industry which has been approved by the Government of India.
The company applied for the scheme to support the creation of a viable enterprise and its competitive textile industry. The company NIINE manufactures sanitary napkins and baby diapers which supply its products pan India under the “NIINE” brand.
As per the reports when NIINE company got selected for the PLI scheme the founder of the company said “We are extremely happy to be selected for the PLI scheme initiated by the Ministry of Textiles. In the last four years, since our commercial launch, we have witnessed robust growth for our premium yet affordable products. Under the scheme, our commitment is to invest Rs 100 crores and we are confident of meeting the criteria for PLI incentives through this investment.”
The company has been selected for the PLI scheme under part 2 which needs minimum eligibility of capital investment of Rs 100 crore to be invested by March 31, 2024. Later based on its approved capital invested in the PLI scheme the company will be able to claim PLI from the FY 2025 over the next five years.
Incentives worth Rs 10,683 crores approximately will be provided over five years for manufacturing notified products of MMF Apparel, MMF Fabrics, and segments/products of Technical Textiles in India.