Under the production-linked incentive scheme for white goods sector, a total of 18 new companies have been selected to substantially boost the production of components of air conditioners and LED lights, the government said on Monday.
The companies, including Voltas Components Pvt., Lumax Industries Ltd., and Uno Minda Ltd., have a committed investment of Rs 2,299 crore.
These companies include 10 manufacturers of components of AC and eight manufacturers of LED lights, the Ministry of Commerce and Industry said in a release.
Cumulatively, the scheme has 24 beneficiaries as six existing PLI beneficiaries have also been provisionally selected to upgrade to higher investment categories. They have committed an additional investment of Rs 1,217 crore.
The six existing beneficiaries include Hindalco Industries Ltd. (additional committed investment of Rs 360 crore), LG Electronics India (Rs 433 crore), Blue Star Climatech Ltd. (Rs 180 crore), and Voltas Ltd. (Rs 200 crore), according to the release.
Notably, the Union Cabinet had, in April 2021, given approval to the PLI scheme for white goods to be implemented over fiscal 2022 to fiscal 2029 with an outlay of Rs 6,238 crore.
In October last year, 38 companies had filed applications with proposed investments of Rs 4,121 crore under the scheme in the third round.
"In the third round of the online application window of the PLI scheme, a total of 38 applications were received. After reviewing these applications, the government has provisionally selected 18 new companies," the commerce ministry said.
For air conditioners, the companies will be manufacturing components like, compressors, copper tubes and heat exchangers, among others. Similarly, for LED lights, LED chip packaging, drivers, engines, light management systems and metallized films for capacitors will be manufactured in India.
The PLI scheme, the commerce ministry said, extends an incentive of 4% to 6% on reducing basis on incremental sales for a period of five years "subsequent to the base year and one year of gestation period".
The domestic value addition is "expected to grow from the current 15-20% to 75-80%.", it added.
With PTI inputs
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