New Delhi India - January 15 ANI Reliance Industries, Larsen Toubro, Mahindra Mahindra, Ola and South Korea's Hyundai Motors are among 10 firms that have submitted bids under the Rs 18,100 crore Production Linked Incentive PLI scheme for battery manufacturing in India, the Ministry of Heavy Industries said on Saturday.
A total of 10 companies submitted their bids under the Advanced Chemistry Cell ACC Battery Storage Programme in India, for which Request for Proposal RFP was released by Ministry of Heavy Industries MHI on 22 October 2021, the Ministry of Heavy Industries said in a statement.
The applications were open until 11: 00: 00 hours IST on January 14, 2022, and the technical bids were opened on January 15, 2022.
The firms that are selected would have to set up the manufacturing facility within a period of two years. The incentive will be paid for the sale of batteries manufactured in India over a period of five years.
The Production Linked Incentive PLI Scheme 'National Programme on Advanced Chemistry Cell ACC Battery Storage was approved by Prime Minister Narendra Modi for a production capacity of 50 Giga Watt Hour GWh of ACC to bolster India's manufacturing capabilities with a budget of 18,100 crore.
Under this scheme, the emphasis of the government is to achieve greater domestic value addition while at the same time making sure that the levelised cost of battery manufacturing in India is competitive.
The programme is designed in such a way that it is technology agnostic. The Ministry of Heavy Industries said that the beneficiary firm could choose suitable advanced technology and the corresponding plant and machinery, raw material and other intermediate goods for setting up a cell manufacturing facility.
The programme is intended to foster domestic manufacturing and to enable battery storage for both electric vehicles and stationary storage, along with the development of a complete domestic supply chain and Foreign Direct Investment in the country.
The ministry said that the ACC PLI scheme is expected to result in savings to the nation on account of the reduction of crude oil import to a significant extent and increase the share of renewable energy at the national grid level.