India is seeking to set up a complete of fifty gigawatt hours (GWh) of battery storage capability over 5 years, which is anticipated to draw direct funding of about $6 billion.
Indian conglomerate Reliance Industries, South Korea’s Hyundai Motor Company and automaker Mahindra & Mahindra are amongst firms which have submitted bids below the nation’s $2.4 billion battery plan, two sources informed Reuters.
India final 12 months finalized an incentive program to encourage firms to spend money on native manufacturing of batteries because it considers establishing a home provide chain for clear transportation and constructing storage for renewable power. does.
Friday is the final day for submission of technical bids.
SoftBank group-backed Ola Electric, engineering conglomerate Larsen & Toubro and battery makers Amara Raja and Exide have additionally submitted bids, sources mentioned.
None of the businesses named by sources instantly responded to requests for remark.
India is seeking to set up a complete of fifty gigawatt hours (GWh) of battery storage capability over 5 years, which is anticipated to draw direct funding of about $6 billion.
To qualify for the inducement, firms should set up no less than 5 Gwh of storage capability and meet sure native content material situations, all of which require a minimal funding of greater than $850 million.
Sources mentioned round 10 firms have submitted a complete of near 100 GW of bids.
India was additionally encouraging international firms corresponding to Tesla Inc., Samsung, LG Energy, Northvolt and Panasonic to take a position.
Clean auto expertise is a crucial a part of India’s technique to cut back air pollution and oil dependence in main cities. But electrical automobiles (EVs) at the moment make up a fraction of complete gross sales within the nation, primarily due to their excessive price because the batteries are imported.
The South Asian nation needs electrical automobiles to make up 30% of private automobile gross sales by 2030 and for electrical bikes and scooters to account for 40% of such gross sales, growing demand for batteries that at the moment account for about 35% to 40% of complete car gross sales. contributes. Cost.
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With inputs from NDTV
