10 Companies Bidding for Incentives Under Indian Battery Scheme
10 Companies Bidding for Incentives Under Indian Battery Scheme
(Bloomberg) -- Billionaires and automobile giants are among those who have sought incentives to manufacture technology-agnostic battery cells under an Indian government-led effort to cut imports and make batteries at competitive prices.
A renewable energy unit of tycoon Mukesh Ambani’s Reliance Industries, Hyundai Global Motors Co. and Ola Electric Mobility Pvt. are among 10 bidders applied for 181 billion rupees ($2.4 billion) in the production-linked incentive program , according to a Press Information Bureau release on Saturday.
Automaker Mahindra & Mahindra Ltd. and engineering conglomerate Larsen & Toubro are among the other companies that put in bids for the government’s Advanced Chemistry Cell Battery Storage scheme.
The manufacturing facility would have to be set up within a period of two years and the incentive will be disbursed thereafter over a period of five years on sale of batteries manufactured in India, the statement said.
©2022 Bloomberg L.P.