Business Update Reliance bids for incentives under the battery scheme TOU

Business Update Reliance bids for incentives under the battery scheme

 TOU

Reliance bids for incentives under the battery scheme

Indian conglomerate Reliance Industries, South Korean Hyundai Motor Company and automaker Mahindra & Mahindra are among the companies that have submitted bids under the country’s $ 2.4 billion battery plan, two sources told Reuters.

India last year finalized an incentive program to encourage companies to invest in domestic production of batteries as it seeks to establish local supply chains for clean transport and create storage for renewable energy. Friday is the last day to submit a technical bid.

Softbank Group-backed Ola Electric, engineering group Larsen & Toubro and battery maker Amara Raja and Exide have also submitted bids, sources said. None of the companies named by sources immediately responded to requests for comment.

India wants to establish a total battery storage capacity of 50 GWh in five years, which is expected to attract about રોકાણ 6 billion in direct investment.

To qualify for incentives, companies must set at least 5 Gwh of storage capacity and meet certain local content requirements, all of which will require an investment of at least $ 850 million. About 10 companies have submitted bids totaling 100 Gwh, sources said.

India was also encouraging global companies like Tesla Inc., Samsung, LG Energy, NorthVault and Panasonic to invest.

Clean auto technology is a key part of India’s strategy to reduce pollution and reduce oil dependence in major cities. But electric vehicles (EVs) currently make up a share of total sales in the country, mainly due to their high cost of imported batteries.

The South Asian country wants electric cars to account for 30% of private car sales by 2030 and electric motorcycles and scooters to account for 40% of such sales, increasing battery demand, which currently contributes 35% to 40% of total vehicles. Costs

(Reuters)


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