Schaeffler India is among the 75 auto component manufacturers that have been approved for incentives under the Production Linked Incentive (PLI) scheme for automobiles and auto components.
Harsha Kadam, MD & CEO, Schaeffler India, said that the scheme will help in the creation of economies of scale and a robust supply chain in the areas of advanced automotive technology products while overcoming the cost challenges throughout the value chain, thereby helping the company gain a competitive edge and drive export capacity.
Sanjeev Saxena, President-Automotive, Schaeffler India, said, “The PLI scheme has received an overwhelming industry response with a 76% higher than anticipated target.”
'The scheme has given us the impetus to localise our high precision products for future mobility needs and boost manufacturing activities locally, further strengthening the Best Cost Country status for India for manufacturing activities,' he added.