Four companies, including Reliance Industries Ltd. and Hyundai Global Motors Co., have won bids to receive bounties under the country’s $2.4 billion (Rs 18,100 crore) plan to build Tesla-style gigafactories that make battery cells, according to three people in the know.

Winning bidders to produce a total of 50 gigawatt hours of advanced chemical cells also include Softbank-backed Ola Electric and jewelry maker Rajesh Exports Ltd., two individuals quoted above told BloombergQuint on condition of anonymity.

According to another of them, Ola has bid on the maximum capacity of 20Gwh. To be sure, the company had said on Wednesday that it plans to set up 50 Gwh of storage capacity in the country.

Reuters was the first to report on the development.

BloombergQuint’s email questions to Ola Electric and RIL went unanswered, while Hyundai could not be reached for comment. Shyam Ragupathy, chief executive officer of the electric mobility division at Rajesh Exports, declined to comment.


This post Ola Electric, RIL Among Four Companies Winning Bids To Create Tesla Style Gigafactories was original published at “https://www.bloombergquint.com/business/ola-electric-ril-among-four-firms-to-win-bids-to-make-tesla-style-gigafactories”

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