A total of 24 companies, including listed players like Hindalco, Voltas, Uno Minda, MIRC Electronics, Lumax Industries and Ram Ratna Wires have been selected under the third round of the PLI scheme for white goods, committing a total investment of Rs 3,516 crore, Ministry of Commerce informed on January 20.
Centre reviewed the applications and selected 18 new companies, which include makers of Air Conditioners and LED Lights, and in addition to that, six existing beneficiaries have been upgraded to higher investment categories.
As many as 15 AC manufacturers plan to invest Rs 3,260 crore, while nine LED companies have committed to invest Rs 256 crore, said a government release.
A total of 84 companies under the PLI scheme for White Goods (ACs and LED Lights) are promising to usher in investments of Rs 10,478 crore, which will result in production worth Rs 1.73 lakh crore under the scheme.
This approval is expected to bolster the manufacturing capabilities and growth in the sector.
For Air Conditioners, companies will be making components like compressors, copper tubes, Heat Exchangers and BLDC motors, among others. For LED Lights, chip packaging, drivers, engines, Light Management Systems and films for capacitors will be manufactured in India.
The White Goods PLI Scheme is aimed to create a component ecosystem for Air Conditioners and LED lights in India. Domestic Value Addition is expected to grow from the current 15-20% to 75-80% with the help of this scheme.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
