Sona Comstar has received a certification for its second hub wheel motor for electric two-wheelers under the Production-Linked Incentive Scheme.
“The Company has received certification for its second hub wheel motor for electric two-wheelers under the Production-Linked Incentive (“PLI”) Scheme for Automobile and Auto Component Industry in India (PLI-Auto) from the Ministry of Heavy Industries on 2 April, 2024, vide its approval letterno. GARC/PLI/AUTO/2024-008 dated 30 March, 2024, for availing the benefits/incentive underPLI Scheme,” the company said in a regulatory filing.
In 2021, the government approved the output-linked incentive scheme with a budgetary outlay of Rs 25,938 crore for five years to boost domestic manufacturing of advanced automotive technology products and attract investments in the automotive manufacturing value chain. Initially, the incentives were applicable on determined sales value from the financial year 2022-2023 till 2026-2027, but the tenure was recently extended by one year to March 31, 2028.