Major Investments Under PLI Scheme Set to Boost White Goods Sector

Eighteen companies, including Voltas and MIRC Electronics, have committed Rs 2,299 crore under India's PLI scheme for the white goods sector. Initially, 38 firms applied, proposing Rs 4,121 crore in investments. The initiative aims to bolster manufacturing in air conditioners and LED lights components.

In a significant move for the white goods sector, 18 companies, including prominent names like Voltas and MIRC Electronics, have been chosen to receive benefits from the production-linked incentive (PLI) scheme. These firms have committed a total investment of Rs 2,299 crore, according to an official statement released on Monday.

Last October, the scheme's third round attracted 38 applications with proposed investments amounting to Rs 4,121 crore. The government, after meticulous review, provisionally selected 18 new companies, comprising 10 air conditioner component manufacturers and 8 LED light producers within this third round.

Additionally, six existing beneficiaries are set to elevate to higher investment tiers, promising an extra investment of Rs 1,217 crore. Focusing on air conditioners, parts like compressors and copper tubes will be manufactured, while LED light production will see developments in chip packaging and light management systems among others. This strategic move is expected to generate Rs 10,478 crore in investments, translating to substantial production growth.

(With inputs from agencies.)