Under the Performance Linked Incentive scheme for boosting clean fuel vehicles in the country, the Centre has finalized 20 auto companies.
The selected companies include big names like Tata Motors (NS: TAMO ), Hyundai (KS: 005380 ), KIA (KS: 000270 ) and Mahindra & Mahindra (NS: MAHM ), among others but the country’s largest carmaker Maruti Suzuki (NS: MRTI ) is not on the list.
Reports suggest that the carmaker had withdrawn its application in favour of its parent company, on failure to meet criteria.
The Government witnessed an overwhelming response to the ‘Champion OEM Incentive Scheme’ for the Automobile and Auto Component Industry in the country, and has received a proposed investment of Rs 45,016 crore from the approved applicants.
115 auto companies had filed for the PLI scheme, notified on Sep 23, 2021, approved with a budgetary outlay of Rs 25,938 crore.
The ‘Champion OEM Incentive Scheme’, with an incentive from 13-18% is to boost the industry to make fresh investments in the indigenous supply chain of Advanced Automotive Technology products for the automotive sector.
Under the scheme, incentives will be applicable to determine the sales of ATT products manufactured in the country from April 2022, for 5 consecutive years, stated news reports.
These companies are selected under the Champion OEM Incentive scheme.
- Ashok Leyland (NS: ASOK )
- Eicher Motors Ltd. (NS: EICH )
- Ford India Private Limited
- Hyundai Motor India Limited
- Kia India Private Limited
- Mahindra & Mahindra Ltd. (NS: MAHM )
- PCA Automobiles India Private Limited
- Pinnacle Mobility Solutions Private Limited
- Suzuki Motor Gujarat Private Limited
- Tata Motors Limited
- Bajaj Auto Limited (NS: BAJA )
- Hero MotoCorp (NS: HROM ) Ltd
- Piaggio Vehicles Private Limited
- TVS Motor Company (NS: TVSM ) Limited
- Axis Clean Mobility Private Limited
- Booma Innovative Transport Solutions Private Limited
- Elest Private Limited
- Hop Electric Manufacturing Private Limited
- Ola Electric Technologies Private Limited
- Powerhaul Vehicle Private Limited
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