Avon Cycles Ltd has denied any wrongdoing in a scheme granting subsidies to vehicle manufacturers to boost the sale of electric vehicles (EV), after the government said the company was among those being investigated for misappropriation.
The Indian government is reimbursing electric vehicle and hybrid vehicle manufacturers for reducing the purchase price of their vehicles under the Faster Adoption and Manufacturing of Electric Vehicles in India (FAME) programme.
Complaints were made against 12 electric vehicle and parts manufacturers, including Avon Cycles, for violating guidelines under the 100 billion rupees ($1.21 billion) programme, Minister for Heavy Industries Mahendra Nath Pandey told parliament.
