The auto PLI bid won by Tata, Suzuki, Mahindra, and 20 other businesses
The Champion Original Equipment Manufacturers (OEM) Incentives scheme has approved up to 20 applicants,
Ford, Tata Motors, Suzuki, Hyundai, Kia, and Mahindra & Mahindra are among the 20 companies that would be eligible for incentives under the Production Linked Incentives Scheme for the automobile and auto component sector, according to the government.
"The Scheme has been a huge success in terms of overwhelming response received with a proposed investment of Rs 45,016 crore from approved applicants," the Heavy Industry Ministry stated.
The Champion Original Equipment Manufacturers (OEM) Incentives scheme has authorised up to 20 candidates.
Ashok Leyland, Eicher Motors, Ford India, Hyundai Motor India, Kia India, Mahindra & Mahindra, PCA Automobiles India, Pinnacle Mobility Solutions, Suzuki Motor Gujarat, and Tata Motors Limited are some of the companies involved. Two-wheelers and three-wheelers are not included in this category.
Bajaj Auto, Hero MotoCorp, Piaggio Vehicles, and TVS Motor have been chosen as recipients of incentives for two-wheeler and three-wheeler manufacturers.
Axis Clean Mobility, Booma Innovative Transport Solutions, Elest, Hop Electric Manufacturing, Ola Electric Technologies, and Powerhaul Vehicle are among the companies chosen under the new Non-Automotive Investor (OEM) category, according to the Heavy Industry Ministry.
The incentive of up to 18% is intended to encourage industry to make new investments in the indigenous supply chain of advanced automotive technology products under the PLI Scheme for the auto sector, allowing India to leapfrog to cleaner, more sustainable, advanced, and efficient electric vehicles (EV)-based systems.
On September 23, 2021, 115 firms filed applications under the PLI scheme for the vehicle and auto component industry, which was notified.
From April 1, 2022, forward, incentives will be available to determine sales of advanced automotive technology (AAT) products (vehicles and components) manufactured in India for five years.
With a budgetary commitment of Rs 25,938 crore, the government approved a scheme to improve India's manufacturing capability for innovative automotive components.
Apart from Indian business groupings, approved candidates for the Champion OEM Incentive scheme include firms from the Republic of Korea, the United States, Japan, France, Italy, the United Kingdom, and the Netherlands, according to the Heavy Industry Ministry.
The huge response demonstrates the industry's conviction in India's spectacular rise as a world-class manufacturing destination, which aligns with Prime Minister Narendra Modi's clarion appeal for AtmaNirbharBharat - a self-reliant India, according to the statement.
