Sibal hands over investment approvals worth Rs 9.61 billion under Modified Special Incentive Package scheme

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By Srabani Sen

Sahasra MD accepting the letter

Tuesday, July 12, 2013: Kapil Sibal, minister for communications & IT and law and justice, handed over investment approvals worth Rs 9.61 billion under Modified Special Incentive Package Scheme (MSIPS) on July 12, 2013 at Electronics Niketan, New Delhi. These investments have been done to start manufacturing facilities in the electronics system design and manufacturing sector in India. The three proposals approved today are:

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The three proposals approved today are:

  • Rs 4.06 billion of investment proposals from Samsung India Electronics Pvt Ltd for manufacture of smartphones in Noida. The project is expected to be implemented over the next six months.
  • Rs 5.44 billion of investment proposals from Bosch Automotive Electronics India Ltd for manufacture of automotive electronic devices like ECU engine system, ECU brake system, body computer module in Bengaluru. The project is expected to be implemented over three years.
  • Rs 111 million of investment proposals from Sahasra Electronics Pvt Ltd for manufacture of LED lighting products. The project is expected to be implemented over five years.
Varun Manwani, director, Sahasra Group
Dr Markus Hildenbrand, managing director, Bosch Automotive Electronics India Pvt Ltd

Speaking on the occasion, Sibal said, “It is important to boost manufacturing and government is trying to promote manufacturing to create employment and bring in latest technologies in the country to serve the domestic market as well as export. Finalisation of MSIPS application in such a short span of time will help create the right atmosphere for more investment attraction in the ESDM sector in India.”

Expressing happiness to be one of the first three to receive benefits under MSIPS, Varun Manwani, director, Sahasra Group, says, “This proves the fact that the government is not favouring the MNCs or the big companies only. Even an Indian company can get benefits from the government.” Although Sahasra was initially skeptcal in applying for MSIPS benefits, Varun is now delighted that they have taken the right step at the right time. “This should be a message to the companies who are still hesitant to apply that the goverment is doing its bit, now it is the turn of the industry to lend support to the government as together we can make india the next manufacturing hub,” he adds.

Bosch MD accepting the letter from Kapil Sibal

According to Varun, the application process is a little tedious and the paper work is lengthy, but the government has paid heed to the recommendations of the applicants and many of the discerpancies have been taken care of. “The next batch of applicants will find the process easier,” he states.
MSIPS receives good response

Kapil Sibal handing over the approval letter to Samsung

MSIPS has received good investment response with applicants involving investment of more than Rs. 46 billion have been received till now. These are under various stages of appraisal and approval. These include Rs 4.5 billion of investment in consumer electronics and appliances, Rs 4.1 billion in handheld devices, Rs 17.7 in telecom products, Rs. 3.1 billion in LEDs and LED products, Rs 450 million in electronic components, Rs 6.1 billion in automotive electronics, Rs. 400 million in power electronics, Rs. 2.1 billion in strategic electronics and Rs 7.5 billion in ATMP-semiconductor manufacturing.

MSIPS was notified in July 2012 and guidelines were released in October 2012. Applications under MSIPS scheme were thereafter received by the Department of Electronics & IT (DeitY). As per this scheme, government will provide subsidy of up to 25 per cent of capex for setting up new manufacturing units as well as for expansion of existing units.

Electronics Bazaar, South Asia’s No. 1 sourcing magazine

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