Auto component maker Sona BLW Precision Forgings (Sona Comstar) on Thursday said the company has received certification under the auto Production Linked Incentive (PLI) scheme.
The company had filed seven applications for different products under the PLI scheme, and it has received the certification for its first product, a hub wheel drive motor for electric two-wheelers, Sona Comstar said in a regulatory filing.
The company is the first automotive component company to receive the certification, it added.
"This recognition reaffirms the company's commitment to making India proud of its engineering skills and solving complex and customised engineering problems for its customers," Sona Comstar MD & Group CEO Vivek Vikram Singh said.
In 2021, the government introduced the auto PLI scheme to incentivise the domestic production of high-value advanced automotive technology vehicles and products.
The PLI scheme for the auto and auto component sector has a budgetary outlay of Rs 25,900 crore over five years, starting from FY24.
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!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
