Centre issues revised EoI for setting up manufacturing zone on pilot basis for power and renewable energy equipment

The Ministry of Power (MoP) and the Ministry of New and Renewable Energy (MNRE) have jointly issued a revised expression of interest (EoI) to set up manufacturing zones for power and renewable energy equipment.

The proposed funding for three zones is Rs 10 billion. The project’s duration is five years from 2022-23 to 2026-27. The proposed funding has been kept flexible to support a common infrastructure and testing facility with a ceiling of Rs 4 billion in any manufacturing zone. As per the EoI, out of three manufacturing zones, two would be brownfield and one would be greenfield manufacturing zone. The move is part of the government’s efforts to cut down on import reliance and build domestic capacity. The scheme allows private companies to join hands with a state government and apply for the project, given the state holds 26 per cent stake in the joint venture. The financial grant earmarked for the scheme would be disbursed in four tranches over five years in line with the completion of the projects.