17.1 C

Reliance, Ola Electric, and Mahindra bid for incentives under India’s battery schemes

India’s Reliance Industries, Softbank Group-backed Ola Electric, and automaker Mahindra & Mahindra have submitted bids under the country’s $2.4 billion battery scheme, the government said on Saturday.

India had finalized an incentive program last year to encourage companies to invest in the local manufacturing of batteries as it looks to establish a domestic supply chain for clean transport and build storage for renewable energy.

Hyundai Global Motors, engineering conglomerate, Larsen & Toubro, and battery makers Amara Raja and Exide have also turned in their bids as per the Ministry of Heavy Industries.

- Advertisement -TechnoSports Ad

The ministry said the following, “The program envisages an investment which will boost domestic manufacturing… and foreign direct investment in the country.”

Israeli start-up innovates ultra-charge battery for EV

India is looking to establish a total of 50Gwh of battery storage capacity over five years, which it expects to attract direct investment to the tune of $6 billion. In order to qualify for incentives, companies have to set up at least 5Gwh of storage capacity and meet certain local content conditions, all of which require a minimum investment of $850 million.

So far ten companies have submitted bids amounting to 130Gwh, the ministry said.

India is also encouraging global companies such as Tesla, Samsung, LG Energy, Northvolt, and Panasonic to invest. Clean auto energy has become a key part of India’s strategy for cutting pollution in major cities and reducing oil dependence.

But Electric Vehicles currently make up a fraction of total sales in the country mainly due to their high price as batteries are imported.

The South Asian country is looking to bump the sales of electric cars up to 30% by 2030 and for electric motorcycles and scooters to make up 40% of such sales, driving demand for batteries that contribute nearly 35-40% of the total vehicle cost.

Also read:

- Advertisement -Follow-Google-News


Heart of Stone OTT Release Date 2023 : Now Streaming on Netflix

Heart of Stone OTT Release Date, Plot, cast, and...

Bholaa OTT Release Date 2023: Now Streaming on Prime Video

Get Updates on Bholaa OTT Release Date, Cast, Plot,...

Miss Shetty Mr Polishetty, Plot, Cast, Expectations, and OTT Release Date 

The charming actress Anushka Shetty is ready with her...

Shaakuntalam OTT Release Date: All details in 2023, Now Streaming on Prime Video

Shaakuntalam, the much-awaited mythological epic drama film has confirmed...

Don't miss

The Sleep Company [CPS] IN


Sumedh Joshi
Sumedh Joshi
For promotions, launch articles, and reviews contact us at - [email protected]

JBL launched the PartyBox 710, 110, and Encore Essential speakers

JBL has launched three new speakers in India, the latest audible devices from the brand include the PartyBox 710, the PartyBox 110, and the...

Motorola will launch its new Edge Series on the 8th of September

Motorola has unveiled its Edge 2022 Series a while ago, these devices will be the first to feature MediaTek's Dimesnity 1050 chipset but it...

Google Pixel 7 and 7 Pro prototype models leaked in an exclusive hands-on video

Google teased its upcoming Pixel 7 Series a couple of months ago at its developers' conference, we only got to see snippets and a...


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.