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Reliance, Mahindra, Hyundai submit bids for battery scheme: Report Battery Scheme
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Reliance, Mahindra, Hyundai submit bids for battery scheme: Report

India Blooms News Service | @indiablooms | 15 Jan 2022, 03:10 pm

New Delhi/IBNS: Reliance Industries, Mahindra & Mahindra and South Korean automaker Hyundai have submitted bids for the $2.4 billion battery scheme, Reuters reported.

The battery scheme was introduced by the government in October last year to encourage companies to invest in the local manufacturing of batteries as it looks to establish a domestic supply chain for clean transport and build storage for renewable energy.

Friday was the last day to submit technical bids.

Other companies who submitted bids include Ola Electric, engineering conglomerate Larsen & Toubro and battery makers Amara Raja and Exide, the report stated.

India wants to set up a total of 50-gigawatt hours (Gwh) of battery storage capacity in the course of five years, which the government expects to bring an investment of about $6 billion.

The winning bidder must set up at least 5 Gwh of storage capacity and fulfill some other requirements, which would need an investment of over $850 million.

Around 10 companies have submitted bids totalling close to 100 Gwh, the sources said, the report stated, the report said.

India aims for electric vehicles to make up 30 percent of private car sales by 2030 and for electric motorcycles and scooters to make up 40 percent of such sales.

Currently, electric vehicles constitute a fraction of the total sales due to high costs as batteries are imported and contribute about 35 percent to 40 percent of the total vehicle cost.