RIL, M&M unit among the 10 prices for the ACC battery storage offer within the PLI scheme

RIL, M&M unit among the 10 prices for the ACC battery storage offer within the PLI scheme

RIL subsidiary Reliance New Energy Solar, Hyundai Global Motors, Ola Electric, Mahindra and Mahindra and Larsen and Toubro are among the 10 organizations that have submitted bids under the $18.1 billion production-linked incentive (PLI) scheme. rupees for advanced chemistry cell (ACC) battery. storage, the government said on Saturday. An aggregate of 10 bids were gotten with a limit of 130 GWh, over two times the manufacturing ability to be granted.

“Industry has reposed its faith in India’s stellar progress as a world class manufacturing destination which resonates strongly with Prime Minister’s clarion call of Atma Nirbhar Bharat – a self-reliant India,” an official statement said.

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

The government approved the PLI scheme ‘National Programme on Advanced Chemistry Cell (ACC) Battery Storage’ for achieving manufacturing capacity of 50 Giga Watt Hour (GWh) for enhancing India’s manufacturing capabilities with a budgetary outlay of Rs 18,100 crore.

“The scheme received an encouraging response from local as well as global investors as bids received is 2.6 times the manufacturing capacity to be awarded i.e. 50 Gwh,” the heavy industries ministry stated.

Under the scheme, 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 technical bids received for the scheme were opened on Saturday.

According to the government, the incentive structure would encourage industry to promote fresh investments in indigenous supply chain/ deep localisation for battery manufacturing in the country.

The ACC PLI scheme is expected to result in savings to the nation on account of reduction in import of crude oil to a significant extent and increase the share of renewable energy at the national grid level, the statement said. The scheme for ACC along with PLI scheme for the automotive sector and FAME will enable India to leapfrog to environmentally cleaner, sustainable, advanced and more efficient electric vehicles (EV) based system.

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