Rs 1.7 L Cr LED Biz: LG, Wipro Announce To Enter Lights Parts India Industry

| Updated: 26 April, 2022 8:45 pm IST
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NEW DELHINineteen prominent electrical majors including Wipro and LG Electronics have filed applications for Production Linked Incentive (PLI) Scheme for white goods (ACs and LED lights) in the second round of applications with committed investments of Rs 1,548 crore.

Prominent names like Mitsubishi Electric, Adani Copper Tubes, Crompton Greaves, Jindal Poly films, Zeco Aircon, Starion India and Swaminathan Enterprises are also among the companies which have applied for manufacturing components of air conditioners and LED lights.

Over the next five years, these 19 companies are expected to achieve production of about Rs 26,880 crore of components of ACs and LED lights and generate direct employment of 5,522 persons.

The scheme will bring investment in the component manufacturing eco-system of ACs and LED lights industry to the tune of Rs 7,074 crore and generate approximately 2 lakh direct and indirect employment opportunities. The scheme is expected to lead to the total production of components of ACs and LEDs in India of about Rs 1,07,134 crore.

In November 2020, the Union Cabinet chaired by PM Narendra Modi had given the approval to introduce the PLI scheme for the 10 key sectors with a total outlay of Rs 1,45,980 crore for enhancing India’s manufacturing capabilities and enhancing exports.

The white goods sector is one of the 10 key sectors with an outlay of Rs 6,238 crore.

These 10 sectors are in addition to the three sectors for which PLI scheme was approved by the Cabinet in April 2020 for mobile manufacturing and specified electronic components, critical key drug intermediaries and APIs, and manufacturing of medical devices.

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