RIL, M&M bid for incentives under govt’s Rs 18k cr battery scheme: Report – World Affairs SRS

RIL, M&M bid for incentives under govt’s Rs 18k cr battery scheme: Report

– World Affairs SRS

Indian conglomerate Reliance Industries, South Korea’s Hyundai Motor Company and automaker Mahindra & Mahindra are among the companies that have submitted bids under the country’s Rs 18,000-crore battery plan, two sources told Reuters.

India last year finalized an incentive program to encourage companies to invest in local manufacturing of batteries as it seeks to establish a domestic supply chain for clean transportation and build storage for renewable energy. Has been doing.

Friday is the last day for submission of technical bids.

SoftBank group-backed Ola Electric, engineering conglomerate Larsen & Toubro and battery makers Amara Raja and Exide have also submitted bids, sources said.

None of the companies named by sources immediately responded to requests for comment.

India is looking to install a total of 50 gigawatt hours (GWh) of battery storage capacity over five years, which is expected to attract direct investment of about $6 billion.

To qualify for the incentive, companies must install at least 5 Gwh of storage capacity and meet certain local content conditions, all of which require a minimum investment of more than $850 million.

Sources said around 10 companies have submitted a total of close to 100 GW of bids.

India was also encouraging global companies such as Tesla Inc., Samsung, LG Energy, Northvolt and Panasonic to invest.

Clean auto technology is an important part of India’s strategy to reduce pollution and oil dependence in major cities.

But electric vehicles (EVs) currently make up a fraction of total sales in the country, mainly because of their high cost as the batteries are imported.

The South Asian country wants electric cars to make up 30% of personal car sales by 2030 and for electric motorcycles and scooters to account for 40% of such sales, increasing demand for batteries that currently account for about 35% to 40% of total vehicle sales. contributes. Cost.

(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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