Industrial Development Act, 1969

Further grants by Authority.

34.—(1) Where the Authority has made a grant under section 33 of this Act in respect of fixed assets it may make a further grant, on such terms and conditions as it thinks proper, in respect of those assets if the industrial undertaking is one to which this section applies.

(2) The amount of a grant under this section shall not exceed 20 per cent of the cost of the fixed assets.

(3) This section applies to an industrial undertaking in respect of which the Authority is satisfied that—

(a) the significance and character of the employment likely to be provided by the undertaking warrants the making of the further grant,

(b) the undertaking will result in the development or utilization of local materials, agricultural products or other natural resources or will achieve significant linkages either with existing firms or potential new enterprises,

(c) the undertaking will have a high technological or scientific content, or

(d) the industry in which the undertaking is engaged is likely to have an exceptional growth potential.