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Hyundai, Ola Electric among firms to get incentives under PLI scheme for battery storage 

Hyundai, Ola Electric among firms to get incentives under PLI scheme for battery storage 

These companies are Reliance New Energy Solar Limited, Ola Electric Mobility Private Limited, Hyundai Global Motors Company Limited and Rajesh Exports Limited, as per a Ministry of Heavy Industries communiqué.  

These companies will receive benefits under the Rs 18,100 crore PLI scheme aimed at boosting indigenous battery cell production These companies will receive benefits under the Rs 18,100 crore PLI scheme aimed at boosting indigenous battery cell production

In a major boost to Prime Minister Narendra Modi’s Aatmanirbhar Bharat (self-reliant India) clarion call, four companies have been selected for incentives under the production linked incentive (PLI) scheme for advanced chemistry cell (ACC) battery storage. These companies are Reliance New Energy Solar Limited, Ola Electric Mobility Private Limited, Hyundai Global Motors Company Limited and Rajesh Exports Limited, as per a Ministry of Heavy Industries communiqué.  

These companies will receive benefits under the Rs 18,100 crore PLI scheme aimed at boosting indigenous battery cell production. Through this scheme, the government aims to achieve greater domestic value addition while ensuring the cost of battery manufacturing in India is globally competitive.

While Ola Electric Mobility Private Limited, Hyundai Global Motors Company Limited have been allotted an annual manufacturing capacity of 20 GWh each, applicants like Reliance New Energy Solar Limited and Rajesh Exports Limited have been allotted 5 GWh capacity each.

Notably, Reliance New Energy Solar Limited has also applied for another 15 GWh capacity per year which has been waitlisted as of now. Other companies in the fray include Mahindra & Mahindra, Exide Industries, L&T, Amara Raja Batteries and India Power Corporation (IPCL).

All the companies that have been selected under the PLI scheme for indigenous ACC battery storage will have to set up manufacturing facilities within two years. The companies will receive PLI incentive over a period of five years on sale of batteries made in India.

As per the Ministry of Heavy Industries, “The program is designed in such a manner that it is technology agnostic. The beneficiary firm shall be free to choose suitable advanced technology and the corresponding plant and machinery, raw material and other intermediate goods for setting up cell manufacturing facility to cater to any application.”

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