Hyundai Global Motors Pvt. Ltd. has withdrawn its name from the production-linked incentive (PLI) scheme for advanced chemistry cell battery storage worth Rs 18,100 crore after South Korean automobile giant Hyundai Motor Company (HMC) is not affiliated with Hyundai Global Motors in any shape or form.
“Hyundai Motor Company and HMIL (Hyundai Motor India Ltd) urges the general public, traders, business associates and all government and non-government bodies to proceed with caution while dealing with Hyundai Global Motors Co. Limited, South Korea as they are not related to our company,” Hyundai Motor India Ltd, the Indian subsidiary of Hyundai, said in a press statement.
Following the announcement, Hyundai Global Motors has withdrawn its name from the PLI scheme. The company was one of the entities initially selected even as the government re-examined its application after the South Korean automobile manufacturer issued the clarification.
The government is now likely to allocate the 20 gigawatt-hour (GWh) of capacity awarded to Hyundai Global Motors to Reliance New Energy Ltd, the green energy subsidiary of Reliance Industries, and Mahindra & Mahindra, stated a person with knowledge of the matter to Mint. The two companies were the next eligible ones in the PLI scheme.
Apart from these two, the government had signed agreements with two other companies on July 28 for the PLI scheme – Rajesh Exports and Ola Electric Mobility Pvt. Even though Hyundai Global Motors was initially selected, the clarification from HMIL on July 15 meant no agreement was signed.
Under the PLI programme, the private players are expected to create a total advanced battery manufacturing capacity of 95 GWh. Under the scheme, private companies need to set up manufacturing facilities within two years from the award of the project. The incentives will then be disbursed over a period of five years based on the sale of batteries manufactured within India.
Read all the Latest News, Trending News, Cricket News, Bollywood News,
India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.
