SOJO Manufacturing Services (AP) Private Limited, a subsidiary of Lava International, has received official approval for the Production-Linked Incentive (PLI) scheme for IT hardware.
The PLI scheme is a government initiative to encourage domestic manufacturing and exports of IT hardware products such as laptops, tablets, smartphones, and accessories. The scheme offers incentives to eligible manufacturers based on their incremental sales and investments over a period of six years .
The incentives offered under the PLI scheme vary depending on the category of products and the year of production.
For laptops, tablets, all-in-one PCs and servers,
- the incentive rate is 4% for the first year, 3% for the second year, 2% for the third year and 1% for the fourth year.
- For ultra small form factor (USFF), semiconductor design, IC manufacturing and packaging, the incentive rate is 5.75% for the first year, 5% for the second year, 4.5% for the third year, 4% for the fourth year and 3.5% for the fifth and sixth years.
This is a great news for the Indian IT hardware industry, as SOJO aims to become a top electronic manufacturing services provider in India. As a homegrown company, it will manufacture various Consumer Electronic Durables, including Smartphones, Feature Phones, Accessories, Tablets, Laptops, and other IT hardware for Lava International and other Indian and global brands.
SOJO’s approval signifies a crucial milestone, contributing to expected additional investments in production over the next six years. SOJO, along with other industry leaders, will play a vital role in enhancing the global competitiveness of the Indian IT hardware sector.
The approval of SOJO’s PLI application demonstrates its commitment to the growth of the domestic mobile industry and aligns with the broader vision of ‘Make in India for the World.’
Commenting on the announcement, Dr. Rishi Bhatnagar, President, Lava International, said: “We are delighted to receive the PLI approval for SOJO Manufacturing Services. This will enable us to scale up our production capacity and offer high-quality products to our customers. We are grateful to the government for launching this scheme and supporting the domestic IT hardware industry. We believe that this scheme will help India become a global hub for IT hardware manufacturing and exports.“
Who are SOJO competitors?
According to Tracxn, some of SOJO’s competitors in the IT hardware industry are:
- CargillAg: A United States based company founded in 2017 that provides digital solutions for agriculture.
- Smartwyre: A Denver based company founded in 2018 that offers a cloud-based platform for agribusinesses to manage their product information and pricing.
- Kynetec: A Newbury based company founded in 2002 that provides market research and data analytics for animal health and agriculture sectors.
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