Virtual Forest will support Napino in designing & developing control assemblies for IDU/ODU/Remotes for ACs
India, January 18 2022: Napino Auto Electronics Limited, with the support of Virtual Forest, was selected under the Production Linked Incentive Scheme (PLI) for White Goods (Air Conditioners and LED Lights). As part of its commitment, Virtual Forest will support Napino in designing & developing control assemblies for IDUs/ODUs/Remotes for ACs. The PLI scheme will be valid for a period of five years and will entail a minimum investment of INR 50 crores. Virtual Forest is one of India’s leading electronics solutions providers — specialising in motor control and human interface technologies for consumer appliances, fluid movement, and mobility. Napino has over 13 SMT lines spread across 7 facilities, and offers world-class manufacturing services, state-of-the-art process management, component verification and traceability for various automotive and home appliance applications.
The Department for Promotion of Industry and Internal Trade (DPIIT) announced a list of 42 companies which received approval under the PLI scheme, including Napino Auto. These 42 companies will invest around INR 4,614 crores over the next 5 years, creating direct employment for 44,000 people in the country. Approved manufacturers will enjoy incentives of 6% of the selling price in the first year, gradually reducing to 4% in the final year. The max sales value that is eligible for incentives is capped at 5 times the minimum investment threshold. The scheme is a welcome first step towards localising component supply chains and reducing import dependencies and component costs. This will help ensure that the projected rise in demand for ACs – 150 million units are expected to be sold in the next 10 years – can be met by domestic manufacturers.
Commenting on the successful approval of Napino’s application under the scheme, Mr. Naveen Kumar Singh, Group CEO of Napino Auto & Electronics, said “We are extremely proud to have been selected for the PLI scheme. Our world class capabilities have worked really well in delivering market solutions to our customers with short turnaround times. Our selection under the scheme takes us one step closer to our goal of making India an electronics manufacturing hub. We have already begun working towards our targets to ensure that we complete them in time. We see this as a first milestone in becoming a diversified player catering to customer requirements beyond the automotive space.” Omer Basith Co-Founder & CEO of Virtual Forest said, “This is a major milestone for us. Our integrated network of critical partners like Napino Auto enable us to create value for our stakeholders at all stages of the development cycle starting with design/IP creation all the way to manufacturing, testing and distribution. Our mission is to provide integrated turnkey solutions to small & large OEMs by building a domestic supply chain for electronic components.” He further added “Our AC components are built with energy efficient intelligent controllers with additional advanced features like IoT enabled software, smart sensors, wifi & bluetooth connectivity and high input voltage. Napino Auto’s selection under the PLI scheme showcases their strength in electronics manufacturing and our competency in embedded systems development. We are steadfast in our mission to combine our efforts to help bring about the government’s vision of AatmaNirbhar Bharat.”