Kaynes Electronics seeks PLI 2.0 for IT hardware

Kaynes Electronics Manufacturing Private Limited is a wholly owned subsidiary of Kaynes Technology India Pvt. Ltd.

Production-Linked Incentive (PLI) Scheme 2.0 for IT Hardware

Government of India has received a total of 38 applicants for the Production-Linked Incentive (PLI) Scheme 2.0 for IT Hardware for Enhancing India’s Manufacturing Capabilities and Enhancing Exports. The scheme application window closed on August 30, 2023. 

Background 

The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, had given approval to introduce the Production-Linked Incentive (PLI) Scheme 2.0 for IT Hardware for Enhancing India’s Manufacturing Capabilities and Enhancing Exports – Atmanirbhar Bharat on May 17, 2023. The scheme was notified on May 29, 2023.

The PLI Scheme 2.0 for IT Hardware will result in broadening and deepening of the manufacturing ecosystem. PLI scheme will encourage the localisation of components and sub-assemblies and allowing for a longer duration to develop the supply chain within the country.

Mysuru based Kaynes Electronics Applies for PLI 2.0 IT hardware 

Kaynes Electronics Manufacturing Private Limited a wholly owned subsidiary of Kaynes Technology India Pvt. Ltd has applied for the PLI 2.0 IT Hardware Scheme. Kaynes Electronics was incorporated on 30 March 2022. Its registered office is in Mysore, Karnataka, India. The company operates in the Industrial Manufacturing Industry.

Kaynes Electronics  is already investing Rs 149.3 crores in  a new facility at Chamarajanagar, Karnataka. The works have commenced already and are in full swing. We wrote about this on 26-4-2023, it is available here to read – Kaynes Technology Commences Construction Of Its Chamarajanagar Factory

PLI 2.0 IT Hardware

The Government has approved the PLI Scheme 2.0 for IT Hardware with a budgetary allocation of ₹17,000 crore.

The scheme aims to result in a total production value of approximately ₹3.35 lakh crore and attract an additional investment of ₹2,430 crore in electronics manufacturing. It shall create 75,000 additional direct jobs.

This scheme will promote large-scale manufacturing in laptops, tablets, all-in-one PCs, servers, and ultra-small form factor (USFF) devices. Resulting in significant contribution to the goal of achieving an electronics manufacturing turnover of approximately USD 300 billion by 2025-26.

It is open to applicants in three categories: global companies, hybrid (global/domestic) companies, and domestic companies.

Kaynes Electronics to put Mysuru on the Global ESDM Map 

Kaynes Technology recently went into a MOU with Government of Karnataka to invest in a semiconductor assembly and test facility in Mysuru. Certainly, this reinforces Kaynes Technology’s pivotal position and propels Mysuru onto the global tech map. 

Can read the news here- Kaynes Technology To Invest ₹3,750 Crores In Mysuru’s Semiconductor Assembly And Test Facility