Cosmo Ferrites Ltd's Rs. 33.30 crore investment shortlisted under PLI scheme

The Government of India has approved the Production Linked Incentive (PLI) Scheme for White Goods (Air Conditioners and LED Lights) to be implemented over FY 2021-22 to FY 2028-29 with a budgetary outlay of Rs. 6,238 crores. The Department for Promotion of Industry & Internal Trade (DPIIT) is coordinating the implementation of all PLI Schemes. DPIIT is also the nodal department for the PLI Scheme for White Goods - Air Conditioners and LED lights sector - with an outlay of Rs. 6,238 crore.

In order to participate and avail benefits under the PLI Scheme COSMO FERRITES LIMITED, had filed an application for the manufacturing of:

• Ferrite Cores
• LED Transformers

under the production linked incentive scheme (PLI) for white goods (air conditioners and led lights) and the company has been provisionally selected as a beneficiary under the said PLI scheme. The company has committed investment of Rs. 33.30 crore.

The proposal of DPIIT for the PLI Scheme for White Goods for manufacture of components and sub-assemblies of ACs and LED Lights was approved by the Union Cabinet chaired by Hon’ble Prime Minister on 7.04.2021. The Scheme is to be implemented over a seven year period, from FY2021-22 to FY2028-29 and has an outlay of Rs. 6,238 crore. The Scheme was notified by DPIIT on 16.04.2021. The Scheme Guidelines were published on 04.06.2021. Some modifications to the Scheme Guidelines were issued on 16.08.2021. Applicants were given flexibility to choose the gestation period either up to March 2022 or up to March 2023.

Applications for the Scheme were invited from 15.06.2021 to 15.09.2021. Total 52 companies filed their application with committed investment of Rs. 5,858 crore under the PLI scheme.

After evaluation of all the applications, 42 applicants with committed investment of Rs. 4,614 crore have been provisionally selected as beneficiaries under the PLI scheme. The selected applicants include 26 for Air Conditioner manufacturing with committed investments of Rs. 3,898 crore and 16 for LED Lights manufacturing with committed investments of Rs. 716 crore.

Shares of COSMO FERRITES LTD. was last trading in BSE at Rs. 204.95 as compared to the previous close of Rs. 195.20. The total number of shares traded during the day was 15518 in over 68 trades.

The stock hit an intraday high of Rs. 204.95 and intraday low of 204.95. The net turnover during the day was Rs. 3180414.00.

Source : Equity Bulls

Keywords

COSMOFERRITESLTD INE124B01018 InvestmentProposal PLIScheme Shortlisted