November 4, 2021 4:43:26 am
The government said Wednesday it has provisionally selected 42 firms, including Daikin, Hindalco, Bluestar and Havells, that are set to invest Rs 4,614 crore to receive incentives under the Production Linked Incentive (PLI) scheme for the white goods sector.
The Centre received applications from 52 companies proposing to invest Rs 5,858 crore under the scheme, which is set to provide incentives of up to Rs 6,238 crore over five years to qualifying companies manufacturing air conditioner (AC) and LED light components. “The selected applicants include 26 for air conditioner manufacturing with committed investments of Rs 3,898 crore and 16 for LED lights manufacturing with committed investments of Rs 716 crore,” the Commerce Ministry said in a release.
The approved investments are expected to directly generate net incremental production worth around Rs 81,254 crore in the two sectors and about 44,000 jobs.
Of the ten companies that have not yet received approval under the PLI scheme, six companies including Haier Appliances and Hi-Volt Enterprises have been asked to seek FDI approval while the applications of four other companies are set to be reviewed by a committee of experts.
The PLI scheme is aimed at setting up production capacity for AC components that are currently not manufactured in India in sufficient quantities, including high value parts like compressors, copper tubing and aluminium stock for foils, as per the release. The scheme will similarly lead to large scale production of key LED components including LED drivers, LED engines and PCBs, it added.
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