It said it has already started investing from the ongoing fiscal its planned investment of Rs 321 crore over a period of five years
Indian contract electronics manufacturer PG Electroplast Ltd’s arm PG Technoplast Pvt Ltd has received the government’s approval under the Production Linked Incentive Scheme (PLI) for white goods under the air conditioner components category, the company informed.
It said it has already started investing from the ongoing fiscal its planned investment of Rs 321 crore over a period of five years.
Vikas Gupta, Managing Director (Operations), PG Technoplast Pvt Ltd said, “We are delighted to have been approved under the PLI scheme for AC components. It is a milestone that showcases our strength in this domain and highlights our commitment towards the government’s vision of Atmanirbhar Bharat and the Make in India project.”
The PLI schemes will go a long way in making India the new global manufacturing hub, he said adding, “to meet the growing business demands we have invested heavily in our infrastructure, R&D, and human capital and will continue to do so, to help us cater to our Indian and global customers.”
The government recently announced that a total of 42 firms, including Daikin, Panasonic, Syska, and Havells, with committed investments of Rs 4,614 crore have been provisionally selected as beneficiaries under the production linked incentive (PLI) scheme for the white goods sector.
The investments in Air Conditioners will lead to manufacturing components across the complete value chain including components which are not manufactured in India with sufficient quantity. At present, there is insignificant manufacturing of certain high value components of ACs like Compressors, copper tubing and aluminium stock for foils.
The scheme will be implemented over a seven-year period from 2021-22 to 2028-29 and has an outlay of Rs 6,238 crore, which was approved by the Cabinet.
