Ola Electric, Hyundai has become the PLI bid winners to get Rs 18,000 Crore incentive for EV battery manufacturing in India. Read the details in our story.
In order to expand the electric vehicle portfolio in India and the EV charging infrastructure which involves the costs of batteries; PLI (Production Linked Incentive) scheme bid from the government of India has been won by Ola Electric, Hyundai Global Motors Company, Reliance New Energy Solar, and Rajesh Exports summing a total of Rs 18,000 crores.
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In order to achieve a target of 50 Giga Watt Hour (GWh) for enhancing the electric vehicle infrastructure in India, the government of India has introduced a 'National Programme on Advanced Chemistry Cell' scheme under the PLI. This ACC scheme is aimed towards providing luring incentives to the manufacturers who are willing to step in the EV battery manufacturing operations in India. The total incentive sum of Rs 18,000 Crores will be distributed among the PLI scheme bid winners to help in this ACC production set-up.
The Government received a total of 130 GWh of production capability in terms of applications. The chosen manufacturers will start the ACC production with incentives in order to improve the EV battery infra. The Government of India has provided the chosen manufacturers a total time of two years to set up the ACC battery production facilities and the incentive sum shall be distributed over the time of 5 years based on the sales of the battery production.
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The ACC scheme received a tremendous response in terms of applications as well as the number of interested manufacturers from domestic and global markets. Big giants such as Lucas-TVS, Mahindra & Mahindra, Amara Raja Batteries, Exide Batteries, Larsen & Toubro, and Indian Power Corporation Limited were also the bidders in the PLI scheme.
The government also aims towards reducing the crude oil import from global markets as well as simultaneously reducing the carbon footprint via the introduction of this ACC PLI scheme.
So, tell us by commenting down below what do you think of Ola Electric and other makers entering into the world of EV battery manufacturing via the help of the PLI scheme. Also, make sure to subscribe to the 91Wheels YouTube channel and do become a member of the 91Wheels WhatsApp group for regular automotive updates.
