Tuesday, February 7, 2023
HomeAutoReliance, Ola and Mahindra interested in central government's $2.4 billion battery scheme

Reliance, Ola and Mahindra interested in central government’s $2.4 billion battery scheme

Reliance Industries, Ola Electric and automobile company Mahindra & Mahindra have submitted bids as part of the central government’s $2.4 billion (about Rs 17,800 crore) plan to boost battery manufacturing in the country. The scheme, which provides incentives for environment-friendly transportation and storage of renewable energy, was announced last year by the government.

Heavy Industries Ministry told this Plan Hyundai Global Motors, Larsen & Toubro and battery makers Amara Raja and Exide have also offered bids under the company. The scheme is also expected to increase foreign direct investment in battery manufacturing. The government aims to create a battery storage capacity of 50 GWh Hours (Gwh) in five years. An investment of about $ 6 billion (about Rs 44,610 crore) is expected in this. To get the incentive, companies will have to build a minimum storage capacity of 5 Gwh as well as meet the requirements of the local component.

The ministry said that 10 companies have given bids for about 130 Gwh. from the central government Tesla, samsung, LG Energy, Northvolt Panasonic Companies like these are being encouraged to invest. Clean automobile technology is a key part of the government’s strategy to reduce pollution and import crude oil in major cities. The share of Electric Vehicles (EVs) in the automobile sales in the country is very low and this is largely due to the costly of the batteries used in these vehicles. These batteries are imported.

The government has set a target of taking the share of electric cars to 30 percent of private car sales by 2030. For electric bikes and scooters, it is 40 percent. This will increase the demand for batteries. The battery can account for 35 to 40 percent of the total cost of an electric vehicle. Some global automobile companies have shown interest to start selling electric vehicles in India. However, high import duty is a big hurdle for these companies. Tesla has requested the central government to consider reducing the import duty. Automobile companies of the country are opposing the reduction of import duty. They say that this will affect local manufacturing.

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(This news has not been edited by digitnews.in team. It has been published directly from Syndicate feed.)


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