The center selects 20 vehicle manufacturers as part of the Auto Pli program
CNBC-TV18 has learned exclusively that M&M, Tata Motors, Ashok Leyland, JBM Electric Vehicles, Hyundai India, Pinnacle Mobility, Suzuki Motor Gujarat, VECV, PCA Automobiles and Kia India have been selected from the list of automakers’ nominees. Maruti Suzuki did not meet the investment criteria and had withdrawn its bid in favor of parent company Suzuki Motor Company.
Maruti has also applied for incentives under the Component PLI Scheme. Although MG Motor has met the eligibility criteria, the company’s selection under the PLI is subject to approval under India’s FDI policy.
Incentives under the Rs 25,938 crore Automotive PLI Scheme will be rolled out from 1 April 2022 for a period of 5 years. Companies would get incentives based on incremental sales of electric or hydrogen fuel cell vehicles. Like Maruti Suzuki, there could be other automakers that might not have been eligible under the Vehicle PLI program, but could get incentives under the Component PLI program.
The government is still considering 86 applications under the Component PLI Scheme. Sources also told CNBC-TV18 that a company that makes electric batteries and electric vehicles can get incentives under the Automotive and ACC PLI programs.
Among the major two-wheeler manufacturers, TVS, Hero MotoCorp, Bajaj Auto and Piaggio were selected for the incentives. Ola Electric, Booma Innovative, Elest, Hop Electric, Axis Clean Mobility and Powerhaul vehicles have been approved in a new non-automotive category.
Bharat Forge, Ather Energy & Hero Electric did not meet the eligibility criteria for the Vehicle PLI Scheme. The Automotive PLI Scheme aims to encourage the manufacture of electric and hydrogen fuel cells in India, with a roadmap for 30% electrification by 2030.
(Edited by : Aditi Gautam)
First post: STI