The total incentives will be availed over a period of five years, between financial year 2022-23 to 2026-27.
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HFCL has received approval from the Ministry of Communications And Information Technology to receive incentives up to Rs 652.79 crore under the Production-linked Incentive (PLI) scheme for telecom and networking products.
HFCL was one among the 42 companies that received approval from the Central government under the PLI scheme on October 31.
The company has received approval from the Small Industries Development Bank of India (SIDBI), the Project Management Agency (PMA), and the Competent Authority designated by the Government of India.
The total incentives will be availed over a period of five years, between the financial year 2022-23 to 2026-27.
HFCL has committed an investment of Rs 425 crore under the PLI Scheme for manufacturing telecom products including 5G Radio equipment, Routers, Switches, WiFi Products, and Backhaul Radios.
The PLI Scheme is an initiative of the Central government to make India a global manufacturing hub for Telecom and Networking products and to boost the export of these products under the Make in India program.
The companies, which were granted approval under the PLI Scheme included Nokia, Samsung, Flextronics, Tejas Networks, and VVDN among others. The 42 companies eligible to receive incentives under the scheme have submitted proposals for investments worth Rs 4,115 crore.
Shares of HFCL are trading 0.2 percent lower at Rs 82.45.