ENA Sectors 2024-02-23 15:19:05 <p><span style="font-size:14px"><span style="background-color:white"><strong><span style="color:black">New Delhi, Feb 23 (KNN)</span></strong><span style="color:black"> Sona BLW Precision Forgings, operating under the brand Sona Comstar, announced on Thursday that it has successfully secured certification under the prestigious Production Linked Incentive (PLI) scheme for the automotive sector. </span></span></span></p> <p><span style="font-size:14px"><span style="background-color:white"><span style="color:black">This marks a significant milestone for the company as it becomes the first automotive component manufacturer to achieve this recognition.</span></span></span></p> <p><span style="font-size:14px"><span style="background-color:white"><span style="color:black">The certification comes as a result of Sona Comstar's diligent efforts, with the company filing seven applications for various products under the PLI scheme. </span></span></span></p> <p><span style="font-size:14px"><span style="background-color:white"><span style="color:black">The first product to receive certification is their hub wheel drive motor designed specifically for electric two-wheelers, a crucial component in the rapidly evolving electric vehicle (EV) market.</span></span></span></p> <p><span style="font-size:14px"><span style="background-color:white"><span style="color:black">Vivek Vikram Singh, Managing Director &amp; Group CEO of Sona Comstar, expressed his pride in the company's achievement, stating, This recognition reaffirms the company's commitment to making India proud of its engineering skills and solving complex and customised engineering problems for its customers. </span></span></span></p> <p><span style="font-size:14px"><span style="background-color:white"><span style="color:black">The PLI scheme for the automotive and auto component sector was introduced by the government in 2021 with the aim of incentivising domestic production of high-value advanced automotive technology vehicles and products. </span></span></span></p> <p><span style="font-size:14px"><span style="background-color:white"><span style="color:black">With a substantial budgetary outlay of Rs 25,900 crore over five years, starting from FY24, the scheme is poised to catalyse growth and innovation within the sector.</span></span></span></p> <p><span style="font-size:14px"><span style="background-color:white"><span style="color:black">Sona BLW Precision Forgings' successful certification under the PLI scheme underscores the company's dedication to driving technological advancements in the automotive industry while contributing to the nation's economic development. </span></span></span></p> <p><span style="font-size:14px"><span style="background-color:white"><span style="color:black">As the demand for electric vehicles continues to surge, Sona Comstar's achievement positions it as a key player in shaping the future of mobility in India.</span></span></span></p> <p><span style="font-size:14px"><em><strong><span style="background-color:white"><span style="color:black">(KNN Bureau)</span></span></strong></em></span></p> 36800 https://knnindia.co.in/news/newsdetails/sectors/sona-comstar-secures-pli-certification-for-electric-two-wheeler-component 2024-02-23 15:19:05 knnindia.co.in