Major entities like Reliance Industries, Larsen & Toubro (L&T), Mahindra & Mahindra, Ola as well as Hyundai Motors are among the 10 companies which have submitted bids under the Rs 18,100 crore production linked incentive (PLI) scheme for battery manufacturing in India.
Ministry of heavy industries said in a statement that 10 companies submitted their bids in response to the request for proposal (RFP), which it had released on October 22, 2021.
The other companies which have applied for the PLI scheme are Lucas-TVS Limited, Amara Raja Batteries Limited, Exide Industries Limited, Rajesh Exports Limited and India Power Corporation Limited.
The selected firms would be required to set up manufacturing facilities 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.
Government had approved the PLI scheme ‘National Programme on Advanced Chemistry Cell (ACC) Battery Storage’ for achieving manufacturing capacity of 50 Giga Watt Hour (GWh) of ACC for enhancing country’s manufacturing capabilities with a budgetary outlay of Rs 18,100 crore.
Under this scheme, the emphasis is to achieve greater domestic value addition, while at the same time ensuring that the levelised cost of battery manufacturing in India is globally competitive.
The programme envisages an investment that will boost domestic manufacturing and also facilitate battery storage demand creation for both electric vehicles and stationary storage along with the development of a complete domestic supply chain and foreign direct investment (FDI) in the country.