+
Maruti, Hero, Tata Motors among 75 firms to qualify for PLI scheme
ROADS & HIGHWAYS

Maruti, Hero, Tata Motors among 75 firms to qualify for PLI scheme

As many as 75 firms, including Maruti Suzuki India Ltd, Tata Motors Ltd, and Hero MotoCorp Ltd, have qualified for government incentives aimed at boosting auto parts manufacturing in the nation under the ambitious production-linked incentive (PLI) scheme.

On Tuesday, the Ministry of Heavy Industries told the media that the PLI scheme for automobile and auto component makers has been successful in drawing combined investment proposals worth Rs 74,850 crore over five years against an estimated target of Rs 42,500 crore. The PLI scheme for automobiles drew investment proposals of Rs 45,016 crore, while auto parts saw proposals worth Rs 29,834 crore.

A total of 115 firms had applied for incentives under the consolidated scheme for the automobile and auto component industry, which was notified on 23 September 2021. Of the total, five automakers, comprising Maruti Suzuki, Tata Motors, and Hero MotoCorp applied for both parts of the scheme.

Bharat Forge Ltd, Sona BLW Precision Forgings Ltd, Tata Autocomp Systems Ltd, Tata Cummins Pvt. Ltd, Tata Ficosa Automotive Systems Pvt. Ltd, Hi-Tech Gears Ltd, Toyota Industries Engine India Pvt. Ltd, Toyota Kirloskar Auto Parts Pvt. Ltd, Delphi-TVS Technologies Ltd, Hero Cycles Ltd, Mitsubishi Electric Automotive India Pvt. Ltd, Motherson Sumi Systems Ltd, Ceat Ltd, and Motherson Sumi Wiring India Ltd are among auto parts makers that have been granted permission.

State-run Bharat Heavy Electricals Ltd (BHEL), which was not engaged yet in auto component production, has also been chosen under the PLI scheme, the ministry of heavy industries told the media on Tuesday.

On 11 February, the ministry sanctioned investment offers from 20 automakers under the PLI scheme to manufacture automobiles, comprising Suzuki Motor Gujarat Pvt. Ltd, Tata Motors, Hyundai Motor India, Mahindra and Mahindra Ltd, and Kia India Pvt. Ltd.

Image Source

Also read: Tata Motors expects growth momentum to continue in 2022

As many as 75 firms, including Maruti Suzuki India Ltd, Tata Motors Ltd, and Hero MotoCorp Ltd, have qualified for government incentives aimed at boosting auto parts manufacturing in the nation under the ambitious production-linked incentive (PLI) scheme. On Tuesday, the Ministry of Heavy Industries told the media that the PLI scheme for automobile and auto component makers has been successful in drawing combined investment proposals worth Rs 74,850 crore over five years against an estimated target of Rs 42,500 crore. The PLI scheme for automobiles drew investment proposals of Rs 45,016 crore, while auto parts saw proposals worth Rs 29,834 crore. A total of 115 firms had applied for incentives under the consolidated scheme for the automobile and auto component industry, which was notified on 23 September 2021. Of the total, five automakers, comprising Maruti Suzuki, Tata Motors, and Hero MotoCorp applied for both parts of the scheme. Bharat Forge Ltd, Sona BLW Precision Forgings Ltd, Tata Autocomp Systems Ltd, Tata Cummins Pvt. Ltd, Tata Ficosa Automotive Systems Pvt. Ltd, Hi-Tech Gears Ltd, Toyota Industries Engine India Pvt. Ltd, Toyota Kirloskar Auto Parts Pvt. Ltd, Delphi-TVS Technologies Ltd, Hero Cycles Ltd, Mitsubishi Electric Automotive India Pvt. Ltd, Motherson Sumi Systems Ltd, Ceat Ltd, and Motherson Sumi Wiring India Ltd are among auto parts makers that have been granted permission. State-run Bharat Heavy Electricals Ltd (BHEL), which was not engaged yet in auto component production, has also been chosen under the PLI scheme, the ministry of heavy industries told the media on Tuesday. On 11 February, the ministry sanctioned investment offers from 20 automakers under the PLI scheme to manufacture automobiles, comprising Suzuki Motor Gujarat Pvt. Ltd, Tata Motors, Hyundai Motor India, Mahindra and Mahindra Ltd, and Kia India Pvt. Ltd. Image Source Also read: Tata Motors expects growth momentum to continue in 2022

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Assam Gets Approval For 350,000 PMAY Homes

Assam Chief Minister Himanta Biswa Sarma met Union Agriculture Minister Shivraj Singh Chouhan in New Delhi, where the minister handed an approval document for 310,000 new homes under the Pradhan Mantri Awas Yojana. The chief minister subsequently posted on X expressing gratitude and noting that the minister had formally handed approval for 380,000 homes as well. The release and the social media post contained varying figures, with broader references to 350,000 homes reported in some summaries. The approvals carry central assistance equivalent to Rs 50 billion (bn), corresponding to the five th..

Next Story
Infrastructure Urban

KPIGreen Achieves Highest Energised Capacity of 630+ MW DC

KPI Green Energy energised more than 630 MW DC of capacity in the June to August quarter, marking the highest quarterly addition in the company's history. The capacity was brought online across its Independent Power Producer (IPP) and Engineering, Procurement and Construction (EPC) businesses. The company said the achievement reflected the scale, speed and consistency of its project execution engine. The firm described the quarter as a material operational milestone since its founding. The milestone covers a diversified mix of IPP assets and projects executed under the EPC vertical, spanning u..

Next Story
Infrastructure Energy

Adani Energy Solutions Wins Rs 47 bn Maharashtra Transmission Project

Adani Energy Solutions has won a transmission contract in Maharashtra valued at Rs 47 billion (Rs 47 bn) to evacuate 4,500 megawatt (MW) of renewable and storage power. The company informed exchanges that the project will facilitate pumped storage potential near Satara and strengthen the inter-regional corridor between the Western and Southern grids. The award follows a competitive bidding process and will support renewable energy evacuation to major load centres in the state. The scope includes establishment of a 765/400 kV substation at Satara, construction of a Kolhapur-Satara 765 kV double..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code