Battery Scheme
Reliance, Hyundai, M&M among 10 in fray for PLI in ACC scheme
New Delhi/UNI: In a strong signal of private sector interest in the Production Linked Incentive (PLI) scheme for Advanced Chemistry Cell (ACC) Battery Storage, Reliance New Energy Solar, Hyundai Global Motors Company and Mahindra & Mahindra are among the 10 companies which have bid for 130 Gwh of manufacturing capacity which the Government proposes to award.
The bids received from both local as well as global investors is 2.6 times the 50 Gwh to be awarded for enhancing India’s manufacturing capabilities with a budgetary outlay of Rs 18,100 crore.
The Ministry of Heavy Industries (MHI) released the Request for Proposal (RFP) for bids under the ACC battery storage programme on 22 October 2021 which was opened for receiving applications till 14 January, 2022, and the technical bids were opened on 15 January 2022.
Under the terms, the manufacturing facility would have to be set up within a period of two years and the incentive will be disbursed thereafter over a period of five years on sale of batteries manufactured in India.
The PLI scheme for ACC along with that for the automotive sector and FAME, is packaged with an incentive structure to encourage industry to promote fresh investments in indigenous supply chain and deep localisation for battery manufacturing in the country to enable India to leapfrog to sustainable, advanced and more efficient electric vehicles (EV) based system.
Ola Electric Mobility, Lucas-TVS, Amara Raja Batteries Limited, Exide Industries, Rajesh Exports, Larsen & Toubro and India Power Corporation are the other companies who have shown interest in the programme which envisages an investment which will boost domestic manufacturing, facilitate battery storage demand creation for both EVs, stationary storage as well as the development of a complete domestic supply chain. The Government is also aiming at boosting foreign direct investment in the country.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
