Two sources told Reuters that Reliance Industries, South Korea’s Hyundai Motor Co and automaker Mahindra & Mahindra are among the companies that have submitted bids under the country’s $2.4 billion battery plan.
India last year finalized an incentive program to encourage companies to invest in local manufacturing of batteries as it considers establishing a domestic supply chain for clean transportation and building storage for renewable energy. does.
Friday is the last day for submission of technical bids. SoftBank group-backed Ola Electric, engineering conglomerate Larsen & Toubro and battery makers Amara Raja and Exide have also submitted bids, sources said.
None of the companies named by sources immediately responded to requests for comment. India is looking to install a total of 50 gigawatt hours (GWh) of battery storage capacity over five years, which is expected to attract direct investment of around $6 billion.
To qualify for the incentive, companies must install at least 5 Gwh of storage capacity and meet certain local content conditions, all of which require a minimum investment of more than $850 million.
Sources said around 10 companies have submitted a total of close to 100 GW of bids. India was also encouraging global companies such as Tesla Inc, Samsung, LG Energy, Northvolt and Panasonic to invest.
Clean auto technology is an important part of India’s strategy to reduce pollution and oil dependence in major cities. But electric vehicles (EVs) currently make up a fraction of total sales in the country, mainly because of their high cost as the batteries are imported.
The South Asian country wants electric cars to make up 30 percent of personal car sales by 2030, and electric motorcycles and scooters to account for 40 percent of such sales, fueling demand for batteries that currently contribute from about 35 percent to 40 percent. does. of the total vehicle cost.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)