Maruti, Hero, TVS, Tata among 75 cos to get sops under auto PLI scheme

New Delhi: Maruti Suzuki, Hero MotoCorp, Lucas-TVS, Tata Cummins and Toyota Kirloskar Auto Parts are among the 75 firms approved for receiving incentives under the Production Linked Incentive (PLI) scheme for the automobile and auto components sector, the government said on Tuesday.

Proposed investment of Rs 29,834 crore is expected from the 75 approved applicants under the Component Champion Incentive Scheme. The Ministry of Heavy Industries had earlier selected 20 applicants under the Champion OEM Incentive Scheme. The two components are part of the PLI scheme. The scheme offers incentive of up to 18 per cent to encourage industry to make fresh investments in indigenous supply chain of Advanced Automotive Technology (AAT) products.

"The PLI Scheme for Automobile and Auto Component Industry in India has been successful in attracting proposed investment of Rs 74,850 crore against the target estimate of investment Rs 42,500 crore over a period of five years. "The proposed investment of Rs 45,016 crore is from approved applicants under Champion OEM Incentive Scheme and Rs 29,834 crore from approved applicants under Component Champion Incentive Scheme," an official statement said.