NEW DELHI: Reliance Industries, JSW Neo Energy, and Amara Raja Advanced Cell Technologies are among seven companies vying to establish a battery manufacturing gigafactory in India, as confirmed by the government.
These companies have submitted bids to set up units for manufacturing advanced chemistry cells with a total capacity of 10GWh under the government’s production-linked incentive scheme.India is incentivising private firms to enhance local production, with a maximum outlay of 36.20 billion rupees for the battery manufacturing scheme.
The development of battery energy projects is crucial for India’s goal of ramping up renewable energy capacity to 500 gigawatts by 2030, up from the current 178 GW.
Notable contenders like Reliance Industries and JSW Neo Energy, along with Amara Raja Advanced Cell Technologies, are in the running.
Following this news, shares of Amara Raja Energy and Mobility surged by 15% to reach a record high.
(With agency inputs)
These companies have submitted bids to set up units for manufacturing advanced chemistry cells with a total capacity of 10GWh under the government’s production-linked incentive scheme.India is incentivising private firms to enhance local production, with a maximum outlay of 36.20 billion rupees for the battery manufacturing scheme.
The development of battery energy projects is crucial for India’s goal of ramping up renewable energy capacity to 500 gigawatts by 2030, up from the current 178 GW.
Notable contenders like Reliance Industries and JSW Neo Energy, along with Amara Raja Advanced Cell Technologies, are in the running.
Following this news, shares of Amara Raja Energy and Mobility surged by 15% to reach a record high.
(With agency inputs)
