KRN’s Wholly Owned Subsidiary Receives Approval Under PLI Scheme & Granted Incentives of Rs 141.72 Cr

Mumbai (Maharashtra) [India], May 15: KRN Heat Exchanger and Refrigeration Limited (KRN) (NSE – KRN | BSE – 544263), is a prominent company in the heating, ventilation, air conditioning, and refrigeration (HVAC&R) industry, announce that its wholly owned subsidiary, KRN HVAC Products Private Limited (KRN HVAC), has received approval under the Government of India’s PLI Scheme for white goods (Air Conditioners and LED products).

The approval, granted by IFCI Limited, a Government of India undertaking, includes financial incentives amounting to ₹141.72 Cr. The PLI Scheme, a flagship initiative under the ‘Make in India’ program, aims to establish India as a global manufacturing hub by incentivizing domestic production, promoting value addition, and reducing import dependency in critical sectors.

The incentive will support KRN’s expansion plans, developing a localized component ecosystem, and enhancing backward integration capabilities. This strategic move aligns with the company’s commitment to building energy-efficient, environmentally sustainable products that meet global standards.

KRN expects this development to significantly enhance its operational scalability and financial performance, creating long-term value —including investors, customers, suppliers, and employees.

Comment on Development Mr. Santosh Kumar, Chairman & Managing Director of KRN Heat Exchanger and Refrigeration Limited said, “Receiving the PLI scheme approval is a landmark achievement that validates our strategic investments in expanding and modernizing our manufacturing capabilities. This incentive not only strengthens our financial position but also accelerates our vision of making KRN a global leader in energy-efficient HVAC and white goods manufacturing. Our focus remains on innovation, quality, and sustainable growth, backed by strong domestic demand and rising export opportunities. With government initiatives like the PLI scheme aligning with our goals, we are confident of delivering superior value to our customers, and the broader ‘Make in India’ mission.”

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