RIL arm, Ola Electric ink pact under PLI scheme to build batteries

Three selected bidders, including Reliance New Energy, Ola Electric have signed agreements under the Rs 18,100 crore production linked incentive (PLI) scheme for advanced chemistry cell battery storage, the government said.

Private players are expected to create a battery manufacturing capacity of 95 GWh in addition to the capacities allocated under the PLI programme by the Heavy Industry Ministry.

Three selected bidders, Reliance New Energy, Ola Electric Mobility and Rajesh Exports, signed the programme agreement under Production Linked Incentive Scheme for Advanced Chemistry Cell Battery Storage here on 28th July 2022, the Heavy Industry Ministry said.

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Minister for Heavy Industries Mahendra Nath Pandey said this embarks a new chapter in India's manufacturing industry as we set the vision for battery manufacturing and compete globally with other nations in this sunrise sector.

A total of 10 bids were received from companies with manufacturing capacity of 128 GWh under the PLI Scheme of ACC Battery Storage.

Under the ACC PLI programme, the manufacturing facility would have to be set up within a period of two years. The incentive will be disbursed thereafter over a period of five years on sale of batteries manufactured in India.

The government has approved the Production Linked Incentive Scheme 'National Programme on Advanced Chemistry Cell Battery Storage' for achieving manufacturing capacity of 50 Giga Watt Hour (GWh) of ACC for enhancing India's manufacturing capabilities with a budgetary outlay of Rs 18,100 crore.