Mumbai: LG Electronics India Limited (LGEIL), a leading player in the consumer durables industry, on Friday announced it successfully secured an eligibility certificate from the Directorate of Industries, govt of Maharashtra. The aforesaid certificate was issued under the state’s Electronics Policy 2016, which validates an investment of Rs 705.74 crore made by LGEIL between November 1, 2017, and October 30, 2024.After completing the investment phase of its manufacturing journey in India, LGEIL secured a comprehensive package of incentives worth Rs 705.74 crore. This was equivalent to the approved investment amount for the expansion of its Ranjangaon manufacturing unit in Pune, Maharashtra, said a press release.
“This milestone reinforces the company’s alignment with the “Make in India” initiative and its commitment to enhancing its manufacturing footprint in India. This will enable LGEIL to accrue an annual incentive of ₹47.04 crore over a 15-year period, from May 1, 2025, to April 30, 2040,” said an official.The incentive package includes refunds on State Goods and Services Tax (SGST) paid on goods manufactured at LG Electronics India’s Pune unit and sold and consumed within Maharashtra. It also includes exemption from electricity duty and stamp duty for the facility’s operations, power tariff subsidies, refunds on the employer’s contribution to the Employees’ Provident Fund (EPF), and exemption from property tax. Atul Khanna, chief accounting officer of LGEIL, said, “This eligibility certificate serves as a formal validation of our capital investments and also lays a strong foundation for LG Electronics continued growth story in India. This incentive will directly enhance our operational efficiency and cost competitiveness, allowing us to continue delivering world-class, innovative technology to Indian households, while deepening our contribution to the local economy.“
