March 18, 2022
The 95 approved firms have proposed a cumulative investment of INR 74,850 crore over five years against the target of INR 42,500 crore
Proposals by Ola Electric and Axis Clean Mobility have been approved under the non-automotive investor (OEM) category
Bharat Heavy Electricals and CEAT are two new non-automotive investors that have been selected under the scheme for making parts
This is expected to overcome the cost disabilities for the manufacture of advanced automotive technology products in India
Maruti Suzuki, Hero MotoCorp, Bosch, Lucas-TVS, Mitsubishi Electric, Motherson Sumi, Tata Autocomp, Ola Electric, and Toyota Kirloskar were among the 95 applicants that were approved under the production-linked incentive (PLI) scheme for automobile and auto component companies. These firms have cumulatively proposed an investment of INR 74,850 crore over five years against the target of INR 42,500 crore. In addition, at least 10 foreign companies have also made investment proposals under the scheme.
Bajaj Auto, Hero MotoCorp, Piaggio Vehicles, Mahindra and Mahindra, Tata Motors, Ashok Leyland, Ford India, Suzuki Motors Gujarat, TVS Motor, and South Korea’s Hyundai and Kia have been approved to produce two-wheelers and three-wheelers. Proposals by Ola Electric and Axis Clean Mobility have been approved under the non-automotive investor (OEM) category.
The total investment includes INR 45,016 crore from vehicle manufacturers and INR 29,834 crore from component makers with 115 companies applying under the scheme, as per the government’s official statement.
Bharat Heavy Electricals and CEAT are two new non-automotive investors that have been selected under the scheme for making parts. This is expected to overcome the cost disabilities for the manufacture of advanced automotive technology products in India. In addition, the incentive structure will bring in fresh investments for the indigenous global supply chain of advanced automotive technology products and increase India’s share in the global automotive trade.
