Latest News | RIL Unit, Ola, Hyundai, Rajesh Exports Qualify for Sops Under Govt's Rs 18,100 Cr PLI Scheme for Batteries: Sources

New Delhi, Mar 17 (PTI) RIL subsidiary Reliance New Energy Solar, Ola Electric, Hyundai Global Motors Company and Rajesh Exports have been approved for receiving incentives under the Rs 18,100 crore Production Linked Incentive (PLI) scheme for battery manufacturing in India, sources said on Thursday.

"The ministry had received bids from 10 companies with a capacity of 130 GWh. Reliance, Ola Electric, Hyundai and Rajesh Exports have qualified for ACC batteries," a source said.

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Other companies which had applied for the PLI scheme for Advanced Chemistry Cell (ACC) batteries were Lucas-TVS, Mahindra & Mahindra, Amara Raja Batteries, Exide Industries, Larsen & Toubro and India Power Corporation Limited.

The scheme was open for applications till 11 am on January 14 and the technical bids were opened on January 15.

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The selected firms would be required to set up the manufacturing facility within a period of two years. The incentive will be disbursed thereafter over a period of five years on the sale of batteries manufactured in India.

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 earlier.

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 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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)