Reliance, Mahindra Bid for Incentives with Indias $2.4 Billion Battery Scheme

Posted by : admin / On : 15 Jan 2022

Reliance Industries, Hyundai Motor Co of South Korea, and manufacturer Mahindra & Mahindra are among the companies that have made proposals for the countrys $2.4 billion battery project, according to two sources. In order to construct a domestic supply chain for clean transportation and build storage for renewable energy, India finalized an incentive package last year to encourage companies to engage in local battery manufacture. Technical proposals must be submitted by Friday. According to the sources, Softbank Group-backed Ola Electric, engineering conglomerate Larsen & Toubro, and battery manufacturers Amara Raja and Exide have also filed bids. Requests for comment were not immediately returned by any of the companies mentioned by the sources. India plans to build a total of 50-gigawatt hours (Gwh) of battery storage capacity over the next five years, with an estimated $6 billion in direct investment.

Reliance Industries, Hyundai Motor Co of South Korea, and manufacturer Mahindra & Mahindra are among the companies that have made proposals for the countrys $2.4 billion battery project, according to two sources. In order to construct a domestic supply chain for clean transportation and build storage for renewable energy, India finalized an incentive package last year to encourage companies to engage in local battery manufacture. Technical proposals must be submitted by Friday. According to the sources, Softbank Group-backed Ola Electric, engineering conglomerate Larsen & Toubro, and battery manufacturers Amara Raja and Exide have also filed bids. Requests for comment were not immediately returned by any of the companies mentioned by the sources. India plans to build a total of 50-gigawatt hours (Gwh) of battery storage capacity over the next five years, with an estimated $6 billion in direct investment.