: Three mega manufacturing zones for renewable energy & power equipment mooted #FinanceIndia #StockMarketNEWS Three mega manufacturing zones for renewable energy & power equipment mooted New Delhi,

@StockMarketNEWS Mon 20 Jun, 2022

Posted in: #FinanceIndia #StockMarketNEWS

Three mega manufacturing zones for renewable energy & power equipment mooted #FinanceIndia #StockMarketNEWS
Three mega manufacturing zones for renewable energy & power equipment mooted New Delhi, June 17 (KNN) To support the country’s vision of bring self-reliant in renewable energy, the Ministry of power (MoP) and the Ministry of New and Renewable Energy (MNRE) have proposed a scheme for the setting up of three manufacturing zones for renewable energy and power equipment.

The MNRE-MoP scheme proposes the setting up of brownfield manufacturing zones and a greenfield manufacturing zone in a coastal area with a total financial outlay of Rs1,000 crore.

As per reports by Bizz Buzz, the two brownfield manufacturing zones will come up on the land that is already developed.

The aim of this scheme is to establish a manufacturing facility based on cutting edge, clean and energy efficient technology for minimizing dependency on import of equipment/critical component/critical spares, etc., required for the power sector and renewable energy equipment.

There is a ceiling of Rs 400 crore as grant-in-aid from the Central government for any zone. The grant-in-aid shall be released in four instalments spread over a period of five years.

State governments or state government entities, including public-sector undertakings (PSUs), in partnership with the State government can submit proposals for setting up the manufacturing zone in their state.

Private entities and Central PSUs can also partner with State governments to set up the manufacturing zone in the respective states. In the joint venture between the private entity/CPSU and a State government agency, the State should hold a minimum of 26 per cent equity.

The zones will come up by 2026-27. (KNN Bureau)