Sona Comstar gets certification under auto PLI scheme
Sona BLW Precision Forgings (Sona Comstar) announced on Thursday that it has received certification under the auto Production Linked Incentive (PLI) scheme. The certification, granted for the company's hub wheel drive motor for electric two-wheele...
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.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.