VMPL
Mumbai (Maharashtra) [India], February 11: Stallion India Fluorochemicals Limited (SIFL), a leading integrated refrigerants and industrial gases company, announced that its proposed greenfield R-32 manufacturing facility at Bhilwara, Rajasthan will be eligible for incentives under the Rajasthan Investment Promotion Scheme (RIPS) 2024, the flagship industrial policy of the Government of Rajasthan aimed at promoting manufacturing-led investments, green growth and technology-driven industries
Under RIPS 2024, the project qualifies under the Manufacturing category and also meets the criteria for Start-up classification within the prescribed period, enabling access to a comprehensive incentive framework for eligible fixed capital investment.
The policy provides incentive visibility of up to 10 years from commencement of commercial production and includes:
- Capital subsidy and asset-creation incentives
- Capex-linked benefits including 75% SGST exemptions
- Interest subvention and employment-linked incentives
- 100% exemption from electricity duty for seven years
- 75% exemption and 25% reimbursement on stamp duty
- 75% exemption and 25% reimbursement on conversion charges
- Reimbursement of 50% of employer contribution towards EPF and ESI for seven years (for state-domiciled employees)
The same subsidy framework for eligible fixed capital investment is also applicable to the proposed HFO plant for which Stallion has signed an MoU with the Government of Rajasthan
Management Commentary
Mr. Shazad Rustomji, Managing Director & CEO, said:
"Our expansion in Rajasthan qualifies under RIPS 2024 and falls within the startup framework, enabling access to a comprehensive suite of incentives. The project is eligible for capex-linked incentives that significantly enhance project returns and cash flow visibility.
This strong policy support improves project viability, shortens the Return on Capital Invested and strengthens long-term profitability once commercial production is achieved. Our Rajasthan expansion represents an important step in strengthening domestic refrigerant and specialty gas manufacturing, supporting import substitution and creating a scalable platform for future growth across advanced refrigerants, semiconductor gases and high-purity industrial gases.
Backed by this expansion and our strengthening asset base, we remain confident of achieving our stated three-year revenue CAGR guidance of 30-35% while creating sustainable long-term value for stakeholders."
Outlook
The Rajasthan R-32 facility strengthens Stallion's backward integration strategy and margin profile. Combined with semiconductor gas development, helium processing capacity and HFO/HFC blending initiatives, the company continues to build an integrated, diversified and asset-backed fluorochemicals and specialty gases platform.
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