Heavy Industries Minister H D Kumaraswamy praised both companies’ progress, hailing Tata Motors and M&M for developing this capability. The minister exuded confidence that more applicants would take advantage of the PLI scheme.”
Tata Motors received ₹142.13 crore based on sales of its Tiago EV, Starbus EV, and Ace EV, totaling ₹1,380.24 crore in the 2023-24 fiscal year. M&M received ₹104.08 crore for sales of its electric three-wheeler models (Treo, Treo Zor, and Zor Grand), totaling ₹800.59 crore during the same period.
M&M’s claim included a cumulative investment of ₹978.30 crore and certification of domestic value addition from the Automotive Research Association of India.
A government official confirmed the approvals, saying, “The total claims from these two applicants amount to approximately Rs 246 crore, which have been examined and recommended by the Project Management Agency (PMA) and subsequently approved by Ministry of Heavy Industries (MHI).”
The PLI scheme for the auto and auto components industry runs from 2023-24 to 2027-28, with payments scheduled between 2024-25 and 2028-29. It offers incentives ranging from 8% to 18% for components related to electric vehicles, hydrogen fuel cells, and other advanced technologies.The scheme requires at least 50% domestic value addition and covers both domestic and export sales. As of September 2024, the scheme has driven ₹20,715 crore in investments and ₹10,472 crore in incremental sales. The first incentive payments are expected in 2024-25.
