Reliance, Ola Electric, others to get incentives under India's $2.4 billion battery scheme: Sources

Reliance Industries and Softbank Group-backed Ola Electric have won bids to receive incentives under India's $2.4 billion battery programme, four sources told Reuters.

The Indian government last year finalised a programme to incentivise companies to make battery cells locally as it looks to establish a domestic supply chain for clean transport and renewable energy storage to meet its decarbonisation goals.

Ten companies submitted bids totalling about 130 gigawatt hours (Gwh), of which four have won, the sources said.

Reliance and Ola did not immediately respond to requests for comment.

Also Read: Mukesh Ambani’s net worth reaches $103 bn; Adani biggest gainer in Hurun Rich List

Also Read: Healthtech start-up ekincare raises $15 mn in Series B round