A total of 10 companies, including a Reliance Industries subsidiary, Hyundai Global Motors and Ola Electric, have applied for the government's Rs 18,100-crore production-linked incentives scheme for advanced chemistry cells.
The scheme is expected to give a major boost to localising the electric vehicles supply chain in India. The companies altogether bid for setting up 130 Gigawatt-hour of cell manufacturing capacity against 50 Gigawatt-hour of capacity to be awarded as part of the scheme.
The other companies include Larsen & Toubro, Lucas-TVS, Mahindra & Mahindra, Amara Raja Batteries, Exide Industries, Rajesh Exports and India Power Corporation Limited. Reliance Industries applied through its subsidiary Reliance New Energy Solar.
Together with the Rs 25,938-crore PLI scheme for the automotive sector and the Rs 10,000-crore scheme to subsidise EVs, the scheme is part of the government’s push to EV adoption in India and make the country self-reliant in this field. To further deepen localisation, the ACC PLI scheme comes with riders like minimum localisation of 25% within two years before increasing it to 60% in five years.
New Delhi is expecting the ACC PLI scheme to help reduce crude-oil imports by promoting EVs and also increase the share of renewable energy at the national grid level.
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