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Reliance, Hyundai, Mahindra Bid For Incentives Under India’s $2.4 Billion Battery Scheme


India needs to determine a complete of fifty gigawatt hours (Gwh) of battery storage capability over 5 years, which it expects will entice direct funding of about $6 billion.

Indian conglomerate Reliance Industries, South Korea’s Hyundai Motor Co and automaker Mahindra & Mahindra are amongst corporations which have submitted bids underneath the nation’s $2.4 billion battery scheme, two sources instructed Reuters.

India final yr finalised an incentive program to encourage corporations to spend money on the native manufacturing of batteries because it seems to be to determine a home provide chain for clear transport and construct storage for renewable power.

Friday is the final day to submit technical bids.

Softbank Group-backed Ola Electric, engineering conglomerate Larsen & Toubro and battery makers Amara Raja and Exide have additionally submitted bids, the sources mentioned.

None of the businesses named by the sources instantly responded to requests for remark.

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India needs to determine a complete of fifty gigawatt hours (Gwh) of battery storage capability over 5 years, which it expects will entice direct funding of about $6 billion.

To qualify for the incentives, corporations should arrange a minimum of 5 Gwh of storage capability and meet sure native content material situations, all of which might require a minimal funding of greater than $850 million.

Around 10 corporations have submitted bids totalling near 100 Gwh, the sources mentioned.

India was additionally encouraging international corporations resembling Tesla Inc, Samsung, LG Energy, Northvolt and Panasonic to speculate.

Clean auto expertise is a key a part of India’s technique for chopping air pollution in main cities and decreasing oil dependence. But electrical automobiles (EVs) at present make up a fraction of complete gross sales within the nation primarily as a consequence of their excessive value as batteries are imported.

The South Asian nation needs electrical automobiles to make up 30% of personal automotive gross sales by 2030 and for electrical bikes and scooters to make up 40% of such gross sales, driving demand for batteries which at present contribute about 35% to 40% of the whole automobile value.

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