EPACK Durable secures first tranche of ₹15.37 crore incentive under M-SIPS

The first round of ₹78 lakh disbursed under M-SIPS sought to strengthen domestic electronics production and align with ‘Make in India’ and ‘Aatmanirbhar Bharat’.

EPACK Durable, a leading RAC ODM in India, received ₹78 lakh as the first round incentive under the Modified Special Incentive Package Scheme (M-SIPS), an initiative by the Ministry of IT & Electronics, Government of India, to promote electronics manufacturing in the country. The incentive of ₹15.37 crore is divided into three investment rounds, with the first tranche already disbursed. The Ministry approved the company’s first-phase application for this plan on December 24, 2020.

The M-SIPS initiative, designed to boost domestic manufacturing and import substitution, provides incentives in three stages for capital expenditures towards the establishment of electronic manufacturing units. EPACK Durable, which is devoted to extending its position in electronics manufacturing, applied for and invested in this initiative to support the Government of India’s ‘Make in India’ and ‘Aatmanirbhar Bharat’ visions.

The M-SIPS project has played an important role in growing India’s electronics manufacturing ecosystem, assisting enterprises in increasing their production capacity. Dixon Technologies, Haier, LG, and Voltas have all profited from similar government subsidies, strengthening India’s position as a competitive manufacturing powerhouse.

The plan has been crucial in creating jobs and developing skills in the electronics and consumer durables sectors. EPACK Durable’s workforce has increased dramatically, from 2,122 in FY 2019-20 to 4,565 in FY 2023-24.

Commenting on this development, Ajay Singhania, MD & CEO of EPACK Durable, says,
“This milestone is a testament to EPACK Durable’s dedication to the ‘Make in India’ vision, enabling us to strengthen domestic RAC production while reducing import dependence. As we expand our footprint, this support allows us to integrate advanced manufacturing technologies, boost capacity, and position India as a key player in global supply chains, driving innovation and creating more employment opportunities in the sector.”

With this incentive, EPACK Durable will continue to encourage innovation, capacity expansion, and industry excellence, cementing India’s position as a vital player in the global electronics and manufacturing ecosystem.