Investment under PLI scheme to generate employment: Lava
By MYBRANDBOOK
The home-grown handset maker, Lava International has announced that it will invest under the PLI scheme and scale up its capacities and increase international business.
"...it will create huge employment opportunities with us and our eco system partners," Sanjeev Agarwal, Chief Manufacturing Officer, Lava International said in a statement.
He further added, "PLI scheme will enable the Indian Mobile Industry to scale up their operations and compete in the world market. It will help in creating World Champions from India."
Recently the government has approved applications of 16 electronics companies which includes 10 mobile phone manufacturers for reward under the product-linked incentive (PLI) scheme for total disbursement of Rs 40,000 crore. The government expects to attract investment of Rs 11,000 crore in next five years.
The mobile phone companies who’s applications have been approved are Lava, Bhagwati (Micromax), Padget Electronics, UTL Neolyncs and Optiemus Electronics. These companies have proposed production output of Rs 1.25 lakh crore over the next five years, the ministry said in a statement.
Global mobile phone manufacturers that are approved to avail incentive for producing mobile phones with invoice value Rs 15,000 and above are Samsung, Foxconn units Hon Hai and Rising Star, Wistron and Pegatron.
Six companies are approved under the specified electronic components segment which include AT&S, Ascent Circuits, Visicon, Walsin, Sahasra, and Neolync.
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