VE Commercial Vehicles Eyeing For Auto PLI Through EV Foray

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The government of India has approved the PLI Scheme for Automobile Industry and Drone Industry with a budgetary outlay of Rs 26,058 crore

VE Commercial Vehicles Ltd is planning to venture into the electric mobility space and is eyeing to apply for the production-linked incentive (PLI) scheme for the auto industry for the same, a senior company official said.

“Absolutely, we want to be part of it. We will look into electric, fuel cells and related technologies. The scheme does not say that the investments have to be in the same technology, the investments are open-ended,” said Vinod Aggarwal, managing director and chief executive officer of VE Commercial Vehicles.

A joint venture between Volvo Group and Eicher Motors, the company said that it will be looking for the opportunities and the tenders that will come out in the EV segment and is ready with a 9-meter bus already.

The government of India has approved the PLI Scheme for the Automobile Industry and Drone Industry with a budgetary outlay of Rs 26,058 crore.

The current PLI was expected to speed up India’s efforts to move towards electric vehicles at a faster pace.

“This will be a boost to the entire sector as the government’s agenda is towards indigenisation of technologies. The incentives are attractive for players like us,” he added.

It is estimated that over a period of five years, the PLI Scheme for Automobile and Auto Components Industry will lead to a fresh investment of over Rs 42,500 crore, incremental production of over Rs 2.3 lakh crore and will create additional employment opportunities of over 7.5 lakh jobs.

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