CNBC-TV18 has exclusively learnt 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 applicants from car makers. Maruti Suzuki did not fulfil the investment criteria and had withdrawn application in favor of parent company Suzuki Motor Company.
Maruti has also applied for incentives under the Component PLI Scheme. While MG Motor has fulfilled the eligibility criteria, the company’s selection under 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 1st 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 vehicle manufacturers who may not have been eligible under the vehicle PLI Scheme but may get incentives under the Component PLI scheme.
The government is still considering 86 applications under the Component PLI Scheme. Sources have also told CNBC-TV18 that a company which is into manufacturing electric batteries and electric vehicles can get incentives under both the Automotive and ACC PLI schemes.
Among the prominent two wheeler makers, TVS, Hero MotoCorp, Bajaj Auto and Piaggio have been selected for incentives. Ola Electric, Booma Innovative, Elest, Hop Electric, Axis Clean Mobility and Powerhaul vehicles have been approved under new non automotive category.
Bharat Forge, Ather Energy & Hero Electric did not meet eligibility criteria, for the Vehicle PLI Scheme. The Automotive PLI Scheme aims to incentivise electric and hydrogen fuel cell manufacturing in India, with a roadmap for 30 percent electrification by 2030.
(Edited by : Aditi Gautam)
First Published: IST