Foxconn India, Padget Electronics Sops Under Production-Linked Incentive Scheme Approved by Government

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The government has said that it has approved the incentives for two companies — Foxconn India and Padget Electronics — for mobile manufacturing under the production-linked incentive (PLI) scheme for the large-scale electronics manufacturing (LSEM) sector.

According to a statement from NITI Aayog, the Empowered Committee headed by NITI Aayog Chief Executive Officer Param Iyer approved incentives for two companies — one a domestic company and the other a global company — for mobile manufacturing under the production-linked incentive (PLI) scheme.

Foxconn Hon Hai Technology India Mega Development is the first global company that has been approved under the target segment ‘Mobile Phones’ to receive incentives under mobile manufacturing for the period from August 1, 2021, till March 31, 2022, based on its incremental investments and sales figures, according to the statement released on Tuesday evening. The incentive amount approved is Rs. 357.17 crore.

The statement said Foxconn Hon Hai Technology India Mega Development (or Foxconn India), owned by Hon Hai/Foxconn Technology Group, is part of the Foxconn Group, which is the world’s No. 1 manufacturer/assembler of mobile phones. Foxconn India is a Taiwanese multinational electronics contract manufacturer with its headquarters in Tucheng, New Taipei City.

Homegrown company Padget Electronics has been approved by the Empowered Committee to receive incentive under mobile manufacturing for the quarter January-March this year based on its incremental investments and sales figures under the target segment ‘Mobile Phones’, according to NITI Aayog. The incentive amount approved is Rs. 58.29 crore.

Padget Electronics is a wholly-owned subsidiary of Dixon Technologies and has manufacturing facilities in Noida, Uttar Pradesh, according to the statement. Padget Electronics had already received an amount of Rs. 53.28 crore under the PLI scheme for large-scale electronics manufacturing for August-December 2021 based on its incremental investments and sales figures, the statement of NITI Aayog said.

Under the ministry of electronics and IT, the proposals for disbursement of incentives were considered by the Empowered Committee, comprising NITI Aayog CEO Param Iyer, department for promotion of industry and internal trade (DPIIT) Secretary Anurag Jain, ministry of electronics and information technology (MeitY) Secretary Alkesh Kumar Sharma, and other members of the Empowered Committee.

Source – https://www.gadgets360.com/mobiles/news/foxconn-india-padget-electronics-pli-incentives-scheme-smartphone-manufacturing-3626125

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