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Revolt Intellicorp returns FAME-II subsidy to Centre
Mint Mumbai
|August 25, 2023
Revolt Intellicorp Pvt. Ltd has returned the incentives under the FAME II scheme to the union ministry of heavy industries after it was found that it had claimed the amount without meeting key criteria of the scheme.
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Speaking to reporters here, Hanif Qureshi, joint secretary, ministry of heavy industries, said Revolt paid ₹50.02 crore, including interest, for not complying with the phased manufacturing programme norms under FAME II. It had claimed subsidies worth ₹44.3 crore. Under the norms, EV manufacturers benefiting from FAME II scheme need to manufacture the vehicles and components indigenously.
Dit verhaal komt uit de August 25, 2023-editie van Mint Mumbai.
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