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.
This story is from the January 03, 2025 edition of Mint Hyderabad.
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This story is from the January 03, 2025 edition of Mint Hyderabad.
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