en.Wedoany.com Reported - The old truck and bus scrappage program in India's Delhi-NCR region has gained its third signatory automaker. Tata Motors has signed a Memorandum of Understanding (MoU) with the Ministry of Road Transport and Highways (MoRTH) to officially join the program.

Under the agreement, owners of trucks and buses who trade in their old vehicles through the program will receive an 8% discount on the vehicle price at Tata Motors showrooms. The Ministry of Road Transport and Highways stated that the discount cap for electric vehicles will be aligned with that for internal combustion engine (ICE) vehicles of the same gross vehicle weight (GVW).

In addition to the discounts offered by vehicle manufacturers, the central government will provide eligible owners with a 5% interest subsidy and a fixed monthly fuel voucher for five years. State governments joining the program have committed to offering up to 100% motor vehicle tax exemption (over a 10-year period) and waiving vehicle registration fees for beneficiaries.

Previously, Ashok Leyland and Switch Mobility had signed similar MoUs with the government. The Ministry of Road Transport and Highways stated that these three companies together hold approximately a 50% market share in the truck and bus segment.

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