RIL entity, M&M among 10 companies to bid under PLI scheme for ACC battery storage – World Affairs SRS

RIL entity, M&M among 10 companies to bid under PLI scheme for ACC battery storage

– World Affairs SRS

RIL’s subsidiaries Reliance New Energy Solar, Hyundai Global Motors, Ola Electric, Mahindra & Mahindra and Larsen & Toubro are among the 10 firms that have submitted a production linked incentive (PLI) of Rs 18,100 crore for advanced chemistry cell (ACC) batteries. Bids have been submitted under the scheme. storage, the government said on Saturday.

A total of 10 bids with a capacity of 130 Gwh – more than twice the manufacturing capacity to be awarded – were received.

Amara Raja Batteries, Exide Industries, Rajesh Exports, India Power Corporation and Lucas-TVS have also submitted bids.

“The industry has expressed its confidence in India’s spectacular progress as a world class manufacturing destination, which resonates strongly with the Prime Minister’s call for Aatmanirbhar Bharat – Aatmanirbhar Bharat,” an official statement said.

Government has approved the PLI scheme ‘National Program on Advanced Chemistry Cell (ACC) Battery Storage’ to achieve 50 Giga Watt hour (GWh) manufacturing capacity to augment India’s manufacturing capabilities with a budgetary outlay of Rs 18,100 crore. Gave.

Under this scheme, the manufacturing facility has to be set up within a period of two years. Thereafter, incentives will be given over a period of five years on the sale of made in India batteries.

“The scheme has received an encouraging response from local as well as global investors as the bids received are 2.6 times of the awarded manufacturing capacity i.e. 50 GW,” the Ministry of Heavy Industries said.

The technical bids received for the scheme were opened on Saturday.

According to the government, the incentive structure will incentivize the industry to promote new investments in indigenous supply chain/deep localization for battery manufacturing in the country.

The ACC PLI scheme is expected to save the country by significantly reducing crude oil imports and increasing the share of renewable energy at the national grid level, the statement said.

ACC’s scheme along with the PLI scheme for the automotive sector and FAME will enable India to leapfrog towards an environmentally cleaner, sustainable, advanced and more efficient Electric Vehicle (EV) based system.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is generated automatically from a syndicated feed.)

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