March 16, 2022
1 min read

Blue Star gets 73 cr as production-linked incentive

The company is setting up a new air conditioner plant in Sri City in Andhra Pradesh at an outlay of Rs 525 crore…reports Asian Lite News

Air conditioning major Blue Star Ltd will receive a sum of Rs 73 crore as production-linked incentive (PLI) over a five-year period starting fiscal 2024 for investing in a new plant in Andhra Pradesh, said a top company official.

He also said the company has sufficient stock of copper and other materials to meet the production needs till June this year. Owing to the rising commodity prices, Blue Star may revise its prices upwards in April or May this year.

The company is setting up a new air conditioner plant in Sri City in Andhra Pradesh at an outlay of Rs 525 crore.

“The plant is expected to start production this October. The investment in plant and machinery is about Rs 153 crore, which will be taken into account for computing the incentive. The company will get Rs 73 crore as PLI over a period of five years beginning FY 2024,” B. Thiagarajan, Managing Director, Blue Star, told the media here on Tuesday.

“Between October and March 2023, about 1.2 lakh units will be made at the Sri City plant. The next year, production will be 3.5 lakh and it will touch a volume of 12 lakh units by 2026,” added C.P. Mukundan Menon, President and Chief Operating Officer, Cooling & Purification Appliances Group, said.

The Sri City plant will cater to the southern market and the company’s total production capacity will touch 17 lakh air conditioners per year by 2026, which is sufficient to meet the demand till 2029, he added.

ALSO READ-RBI’s restrictions on ‘HDFC Digital 2.0’ removed

Previous Story

Tulsi Gabbard under fire over remarks on Ukraine biolabs

Next Story

Russia-Ukraine war to trigger inflationary trend

Latest from Business

‘India’s Digital Hub Ascends’

The event also featured discussions on the Quad Partnership for Cable Connectivity and Resilience, reiterating commitments made during the July 1 Quad Foreign Ministers’ Meeting India’s growing role as a key digital

India’s Job Market Surges

With hiring levels on the rise, compensation is expected to increase by 12-15% in metro cities and by 18-22% in emerging cities India’s festive season this year is poised to create more

India Inc Eyes Upswing

Private equity (PE) remained comparatively stable in Q2, clocking 357 deals worth $7.4 billion — the second-highest volume since Q4 2022. However, deal values dipped on a quarter-on-quarter basis due to the

Apple Appoints Sabih Khan as New COO

Khan will take over from Jeff Williams, who is stepping down from the role this month and will retire later this year…reports Asian Lite News Apple has announced that Sabih Khan, an
Go toTop