New Delhi: Ford Motor Co., Suzuki Motor Corp.
and Hyundai Motor are 20 companies that will be eligible for incentives under the Indian $ 3.5 billion scheme to improve clean fuel vehicles, the government said on Friday.
Last year’s cabinet approved a plan where he would benefit the car sector for a period of five years to increase the production of electric fuel-powered vehicles and its components.
This scheme is also part of the government’s plan of Prime Minister Narendra Modi to cut fuel import bills and dropped pollution by encouraging local production of clean vehicles.
The Ministry of Heavy Industries said it has provided applications approved from 20 companies which also include KIA Motors, Tata Motors, Mahindra & Mahindra and Softbank-Group Ola Electric.
Ford last year decided to stop selling cars in India but still maintaining the two factories in the country.
Car makers are exploring the possibility of using one of its plants in India as a base to produce electric cars for export.
Tata Motors said it was committed “to form Indian vehicle landscapes with intelligent and sustainable mobility solutions”.
Suzuki, Hyundai, Kia, Mahindra and Ola did not immediately respond to a request for a comment.
A total of 115 car makers and auto parts makers are applied to incentive schemes.
The government will announce the last list of automatic component makers later on.
Incentives will range from 8% to 18% of the value of vehicle sales or components, and will be given to the company if they meet certain conditions such as minimum investment for five years and sales growth every year, Reuters has reported previously.
Ford, Suzuki to get incentives under a net fuel scheme of $ 3.5 billion
