Business Business Stories Interviews Investment

Reliance, Ola get support for battery mfg

Four organizations – Rajesh Exports, Hyundai Global Motors Company, Ola Electric Mobility and Reliance New Energy – are qualified for getting benefits under the production-linked incentive (PLI) scheme for cutting edge chemistry cell battery storage, the heavy industries ministry said on Thursday.

The assignment was made for a sum of 50 GWh of battery capacity to the four successful bidders.

These organizations, the ministry said, will get incentives under India’s Rs 18,100 crore program to help locally made battery cell creation.

“A total of four companies are selected for the incentive under PLI scheme for Advanced Chemistry Cell (ACC) battery storage,” it said in a statement.

Hyundai Global Motors Company Ltd and Ola Electric Mobility Pvt Ltd bagged 20 GWh each, while Reliance New Energy Solar Ltd and Rajesh Exports won 5 GWh each. Heavy Industries Mahendra Nath Pandey said that today, the expansion sought after for EVs because of a good administrative system has principally drawn investment in this sector.

“Today, big companies are investing in electric vehicle manufacturing in India and are interested to join us.

“We should give them more encouragement and keep trying to make India a manufacturing hub,” he said. “The ACC capacities have been allocated in order of their rank, till a cumulative capacity of 50 GWh per year. Shortlisted Bidders that are not successful in securing allocation are placed under a waiting list,” the ministry said.

English »