“The ministry had received bids from 10 companies with a capacity of 130 GWh. Reliance, Ola Electric, Hyundai and Rajesh Exports have qualified for ACC batteries,” said a source.
RIL subsidiary Reliance New Energy Solar, Ola Electric, Hyundai Global Motors Company and Rajesh Exports have been approved to receive incentives under the Rs 18,100 crore Production Linked Incentive (PLI) scheme for battery production in India, sources said Thursday.
“The ministry had received bids from 10 companies with a capacity of 130 GWh. Reliance, Ola Electric, Hyundai and Rajesh Exports have qualified for ACC batteries,” said a source.
Other companies applying for the Advanced Chemistry Cell (ACC) battery PLI scheme included Lucas-TVS, Mahindra & Mahindra, Amara Raja Batteries, Exide Industries, Larsen & Toubro and India Power Corporation Limited.
The scheme was open for applications until 11 a.m. on January 14, and technical bids opened on January 15.
The selected companies should set up the production facility within a two-year period. The incentive will then be paid over a period of five years on sales of batteries made in India.
The government approved the PLI scheme ‘National Program on Advanced Chemistry Cell (ACC) Battery Storage’ for achieving a production capacity of 50 gigawatt hours (GWh) for improving India’s manufacturing capacity with a budget expenditure of Rs 18,100 crore.
“The plan has received an encouraging response from both local and global investors as the bids received are 2.6 times the production capacity to be awarded, i.e. 50 Gwh,” the heavy industry ministry said earlier.
The ACC PLI scheme is expected to lead to savings for the nation by significantly reducing crude oil imports and increasing the share of renewable energy at the national grid level.
The scheme for ACC together with the PLI scheme for the automotive sector and FAME will enable India to move towards a more environmentally friendly, sustainable, advanced and efficient electric vehicle (EV) based system.
This post RIL unit, Ola, Hyundai, Rajesh Export is eligible for sops under government PLI scheme of Rs 18,100 crore for batteries: Sources
was original published at “https://www.financialexpress.com/industry/ril-unit-ola-hyundai-rajesh-exports-qualify-for-sops-under-govts-rs-18100-crore-pli-scheme-for-batteries-sources/2464427/”
