Greaves Electric Offers To Pay Its FAME Subsidy Refund

According to a recent report, Greaves Electric Mobility has offered to refund around Rs. 125 crore for flouting the subsidies it received under the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India) scheme. Greaves allegedly has the highest refund of all the EV two-wheeler manufacturers, followed by Okinawa Autotech and Hero Electric. 

The government has given recovery notices to seven manufacturers – Okinawa, Hero, Ampere EV, Revolt Motors, Benling India, Lohia Auto and AMO Mobility – for violating local sourcing norms required under the FAME scheme. Furthermore, these companies have also been barred from submitting future claims under the FAME scheme. Okinawa and Hero also have dues of over Rs. 100 crore each, with the total recovery crossing Rs. 450 crore. 

In a statement to the Economic Times, Sanjay Behl, Chief Executive Officer of Greaves Electric Mobility, said, “We are working with the government to better understand their concern and in relation to the same, we have filed a detailed representation.”