According to an official statement, Reliance New Energy Solar, Ola Electric Mobility, Hyundai Global Motors and Rajesh Exports have been selected for incentives under the Production-Linked Incentive (PLI) scheme of Rs 18,100 crore for advanced chemical cell (ACC) battery storage. has gone.
The Ministry of Heavy Industries said in a statement on Thursday that these companies will get incentives under the scheme to boost local battery cell production.
“The government has launched the PLI scheme ‘National Program on Advanced Chemistry Cell (ACC) Battery Storage to achieve 50 gigawatt-hour (GWh) of manufacturing capacity of ACC to augment India’s manufacturing capabilities with a budgetary outlay of Rs 18,100 crore. ‘ Approved.” Ministry said.
Of the total 50 GWh capacity, Rajesh Exports and Reliance New Energy Solar have been awarded 5 GWh, while Hyundai and Ola have been awarded 20 GWh each.
The manufacturing facility has to be set up within two years. Thereafter, incentives will be given over a period of five years on the sale of made in India batteries.
Union Heavy Industries Minister Mahendra Nath Pandey said, “The growth in demand for EVs (Electric Vehicles) due to favorable regulatory framework has mainly attracted investment in this sector. Today, big companies are investing in electric vehicle manufacturing in India. and look forward to joining us.”
He added that the growth in the EV segment of the auto industry will certainly help in achieving India’s commitment to ‘Panchtantra’ given by Prime Minister Narendra Modi in COP 26 and provide huge employment opportunities to the Indian youth.
“We should give them more encouragement and keep trying to make India a manufacturing hub,” Pandey said.
A total of 10 companies submitted their bids under the scheme, for which the ministry had issued a request for proposal (RFP) in October last year. The scheme was open for receiving applications till January 14 this year and technical bids were opened on January 15.
According to the statement, all 10 bids were evaluated and nine companies were found responsive and fulfilling the eligibility conditions as per the requirements under the RFP.
The Ministry said, “The overwhelming response shows that the industry has reposed its faith in India’s impressive progress as a world-class manufacturing destination, which resonates strongly with the Prime Minister’s clarion call of Atmanirbhar Bharat (A Self-reliant India). It happens.”
An investment is envisaged in the PLI program which will give a boost to domestic manufacturing. It will facilitate battery storage demand creation for both EV and stationary storage, develop a complete domestic supply chain and promote foreign direct investment in the country, the statement said.
The ACC PLI scheme is expected to accelerate EV adoption and, therefore, will result in net savings of Rs 2 lakh crore to Rs 2.5 lakh crore on account of oil import bill during the duration of the programme.
The ministry also said that it will increase the share of renewable energy at the national grid level.
This PLI scheme for ACC, along with the already launched PLI scheme for the automotive sector (valued at Rs 25,938 crore) and rapid adaptation (Rs 10,000 crore) of manufacturing of electric vehicles, will help India replace traditional fossil fuel-based Will enable us to leapfrog from the automobile transport system. For an environmentally cleaner, sustainable, advanced and more efficient EV-based system.
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