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

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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

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