Sunday, October 2, 2022
HomeAutoPLI application of 20 companies including Kia, Tata and Hyundai got approval

PLI application of 20 companies including Kia, Tata and Hyundai got approval

The PLI Scheme for Automobiles and Auto Components Industry proposes financial incentives to promote domestic manufacturing of advanced automotive technology products and attract investments in the automotive manufacturing value chain. Its key objectives include cost control, making products world class and building a strong supply chain for the auto component industry.

PLI application of 20 companies including Kia, Tata and Hyundai got approval

The Ministry of Heavy Industries said that a total of 115 companies had filed their applications under the PLI Scheme for Automobile and Auto Component Industry in India, which was notified on 23 September 2021.

PLI application of 20 companies including Kia, Tata and Hyundai got approval

Ten companies have been selected for Champion OEM (excluding 2W and 3W). These companies include Ashok Leyland Limited, Eicher Motors Limited, Ford India Private Limited, Hyundai Motor India Limited, Kia India Private Limited, Mahindra & Mahindra Limited, PCA Automobiles India Private Limited, Pinnacle Mobility Solutions Private Limited, Suzuki Motor Gujarat Private Limited and Tata Motors are included.

PLI application of 20 companies including Kia, Tata and Hyundai got approval

Four companies have been approved for Champion OEM two-wheelers and three-wheelers. This includes Bajaj Auto Limited, Hero MotoCorp Limited, Piaggio Vehicles Private Limited and TVS Motor Company Limited.

PLI application of 20 companies including Kia, Tata and Hyundai got approval

Six companies have been approved for the non-automotive investor (OEM) category. These include Axis Clean Mobility Pvt Ltd, Booma Innovative Transport Solutions Pvt Ltd, Elest Pvt Ltd, Hop Electric Manufacturing Pvt Ltd, Ola Electric Technologies Pvt Ltd and Powerhall Vehicles Pvt Ltd.

PLI application of 20 companies including Kia, Tata and Hyundai got approval

The Component Champion Incentive Scheme is a ‘Sales Value Linked’ scheme for advanced automotive technology components of vehicles, Completely Knocked Down (CKD) / Semi Knocked Down (SKD) Kits, 2-Wheelers, 3-Wheelers, Passenger Vehicles, Commercial Vehicles and Applicable to vehicle aggregates of tractors, etc.

This PLI scheme for the automotive sector (Rs 25,938 crore) as well as the already launched PLI scheme for Advanced Chemistry Cell (ACC) (Rs 18,100 crore) and Manufacture of Electric Vehicles (FAME) (Rs 10,000 crore). Will enable India with rapid adaptation. It will help India to transition from the traditional fossil fuel based automobile transport system to an environmentally cleaner, sustainable, advanced and more efficient Electric Vehicle (EV) based system.

- Advertisement -
MOBILE

Auto

Two Wheeler

BUSINESS AND FINANCE

Digit News