The central government announced on Saturday that RIL subsidiary Reliance New Energy Solar, Hyundai Global Motors, Ola Electric, Mahindra & Mahindra, and Larsen & Toubro are among the ten companies that have submitted bids under the Rs 18,100 crore Production Linked Incentive (PLI) scheme for battery manufacturing in India.
“A total of ten businesses filed proposals under the Advanced Chemistry Cell (ACC) Battery Storage Programme in India, for which the Ministry of Heavy Industries (MHI) issued a Request for Proposal (RFP) on October 22, 2021,” the Union ministry of heavy industries stated in a statement.
Hyundai Global Motors Company Limited, Ola Electric Mobility Private Limited, Lucas-TVS Limited, Mahindra & Mahindra Limited, Amara Raja Batteries Limited, Exide Industries Limited, Rajesh Exports Limited, Larsen & Toubro Limited, and India Power Corporation Limited are among the companies that have applied for the ACC PLI scheme.
Applications were accepted until 11 a.m. on the 14th of January, and technical bids were opened on the 15th. Within two years, the shortlisted enterprises must set up the manufacturing facilities. Following that, on the sale of batteries manufactured in India, the incentive will be paid out over a five-year period.
With a financial commitment of Rs 18,100 crore, the government authorised the PLI project ‘National Programme on Advanced Chemistry Cell (ACC) Battery Storage’ for achieving production capacity of 50 Giga Watt Hour (GWh) and increasing India’s manufacturing capabilities.
The heavy industries ministry noted, “The project had a promising response from local as well as foreign investors, since bids received are 2.6 times the production capacity to be given, i.e. 50 Gwh.”
According to the statement, the ACC PLI programme is projected to save the country money by significantly reducing crude oil imports and increasing the percentage of renewable energy on the national grid.
India will be able to jump to a more environmentally friendly, sustainable, innovative, and efficient electric vehicle (EV) based system thanks to the ACC scheme, as well as the PLI scheme for the automotive sector and FAME.