Tata Motors Ltd and Mahindra and Mahindra Ltd (M&M) on Thursday became India's first automakers to secure production incentives for the automotive sector, marking a key moment for the scheme that had a tepid start.
The two companies have received approval for claims worth ₹246 crore under the Production-Linked Incentive (PLI) Auto scheme, the heavy industries ministry said.
Mahindra's Last Mile Mobility business won approval for incentives based on sales of its electric three-wheelers (e3Ws), while Tata Motors received the same for the Tiago EV electric car, Starbus EV electric bus and the electric cargo vehicle Ace EV.
"The total claims from these two applicants amount to approximately ₹246 crore, which have been examined and recommended by the Project Management Agency and subsequently approved by the Ministry of Heavy Industries," said a statement from the ministry.
Diese Geschichte stammt aus der January 03, 2025-Ausgabe von Mint Chennai.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der January 03, 2025-Ausgabe von Mint Chennai.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Billionaire wealth grew 3x faster in '24
Billionaire wealth across the globe surged by $2 trillion in 2024 to $15 trillion at a rate three times faster than the previous year, a study showed on Monday.
Govt selects 24 companies for ₹3,516-crore white goods PLI
38 companies applied in third round; 18 new firms have been provisionally selected
Hindenburg denies SEC investigation
U.S.-based short-seller Hindenburg Research has said that it is not under investigation by the market regulator US Securities and Exchange Commission (SEC) as it rubbished alleged links of its founder to a hedge fund for preparing reports targeting companies.
Founders Step Back From PharmEasy, Eye Consumer Space
Siddharth Shah, the last of the co-founders, will continue to be the MD and CEO of the company
First Israeli hostages released under Gaza cease-fire
The first three Israeli hostages were released Sunday under a cease-fire deal in the Gaza Strip, beginning a drawn-out process that halted more than a year of war and will see 33 captives freed over the next six weeks in exchange for hundreds of Palestinian prisoners.
LTIMindtree's global markets head quits
TIMindtree Ltd's president of global markets, Sudhir Chaturvedi, has quit the company, leaving chief operating officer Nachiket Deshpande as the frontrunner to succeed current chief executive Debashis Chatterjee, whose term ends later this year.
Why everyone is trying out stick-it-on patches
From acne to chronic pain relief, the market for transdermal patches is growing. Mint explores the science, and reasons for this growing interest
Fresh US sanctions may hit GRMs of Indian oil refiners
Gross refining margins of Indian oil refiners are likely to shrink going ahead post fresh sanctions on two Russian oil producers and nearly 200 crude-carrying vessels, according to sector experts.
India's credit guarantee scheme for startups holds high potential
It provides much needed collateral-free loans at a time when risk capital has been slowing down
Can the Budget Tackle Tax Appeal Delays and Ease Taxpayer Burden?
Government must address the growing backlog of tax appeals and impact of prolonged litigation on taxpayers
