Centre Approves Sops For Foxconn, Padget For Mobile Manufacturing
The government said it has approved the incentives for two companies – Foxconn India and Padget Electronics – for mobile manufacturing under the Production Linked Incentive (PLI) scheme for the Large Scale Electronics Manufacturing (LSEM) sector.
According to a statement from Niti Aayog, the Empowered Committee headed by NITI Aayog Chief Executive Officer Parameswaran Iyer has approved incentives for two companies – one a domestic company and the other a global company – for mobile manufacturing under the production-linked incentive (PLI) ) scheme.
Foxconn Hon Hai Technology India Mega Development is the first global company approved under the target segment ‘Mobile Phones’ to receive incentives under mobile manufacturing for the period from August 1, 2021 to March 31, 2022, based on its incremental investments and sales figures, according to the statement released Tuesday evening. The incentive amount approved is Rs 357.17 crore.
The statement says Foxconn Hon Hai Technology India Mega Development (or Foxconn India), owned by Hon Hai/Foxconn Technology Group, is part of the Foxconn Group, which is the world’s number 1 manufacturer/assembler of mobile phones. Foxconn India is a Taiwanese multinational electronics contract manufacturer headquartered in Tucheng, New Taipei City.
Homegrown company Padget Electronics has been approved by the Empowered Committee to receive incentive under mobile manufacturing for the January-March quarter this year based on its incremental investments and sales figures under the target segment ‘Mobile Phones’, according to Niti Aayog. The incentive amount approved is Rs 58.29 crore.
Padget Electronics is a wholly owned subsidiary of Dixon Technologies and has manufacturing facilities in Noida, Uttar Pradesh, the statement said. Padget Electronics has already received an amount of Rs 53.28 crore under the PLI scheme for large-scale electronics manufacturing for August-December 2021 based on its incremental investments and sales figures, the Niti Aayog statement said.
The proposals for disbursement of incentives were considered by the Empowered Committee comprising Parameswaran Iyer, CEO of NITI Aayog, Secretary of Department of Promotion of Industry and Internal Trade (DPIIT), Anurag Jain, Secretary of Electronics and Information Technology ( MeitY), Alkesh Kumar Sharma, and other members of the Empowered Committee.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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