New entrants like Hop Electric Manufacturing Private Limited, Ola Electric Technologies Private Limited have also been selected under new non-automotive investor
New Delhi, NFAPost: Twenty applicants have been approved under the “Champion OEM Incentive Scheme” of the Production Linked Incentive (PLI) Scheme.
Automobile and Auto major four-wheeler manufacturers like Hyundai, Suzuki, Kia, Mahindra, Ford, Tata Motors and top two-wheeler makers like Bajaj, Hero, TVS.
New entrants like Hop Electric Manufacturing Private Limited, Ola Electric Technologies Private Limited have also been selected under new non-automotive investor.
The Ministry of Heavy Industries said that the scheme has been a huge success in terms of the overwhelming response received with a proposed investment of ₹ 45,016 crore from approved applicants.
The incentive, which is up to 18 percent, is to encourage the industry to make fresh investments in the indigenous supply chain of Advanced Automotive Technology (AAT) products of the PLI Scheme for the automotive sector.
The PLI scheme for Automobile and auto components (₹25,938 crore) and PLI for ACC (₹18,100 crore) along with FAME Scheme (₹10,000 crore)to enable India to leapfrog to environmentally cleaner, sustainable, advanced and more efficient Electric Vehicles (EV) based system.
A total of 115 companies had filed their application under the Production Linked Incentive (PLI) Scheme for Automobile and Auto Component Industry in India which was notified on September 23, 2021.
These incentives are applicable under the scheme for determining sales of Advanced Automotive Technology (AAT) products (vehicles and components) manufactured in India from April 1, 2022, onwards for a period of five consecutive years.
The scheme has two components — Champion OEM Incentive Scheme and Component Champion Incentive Scheme.
The Champion OEM (original equipment manufacturer) Scheme is a ‘sales value linked’ scheme, applicable on battery electric vehicles and hydrogen fuel cell vehicles of all segments.