Reliance bags govt incentives for EV battery manufacturing

Reliance Industries has won a bid under an incentive scheme to encourage EV battery manufacture, according to an Indian government statement released on Wednesday.

Seven businesses sought earlier this year to establish local manufacturing facilities for advanced chemistry cells, or ACCs, as part of the government's production-linked incentive (PLI) plan. According to the statement, Reliance is capable of producing up to 10 gigawatts of ACCs.

The oil-to-telecom company outperformed six other contenders, including subsidiaries of battery manufacturer Amara Raja Energy and Mobility and power producer JSW Energy. ACCs are utilised as EV cells, which are important to the growth of electric vehicles in the world's third-biggest car market.

The initiative, which has a maximum budget of $434.4 million and aims to enhance local battery manufacture, comes at a time when the government has set ambitious goals for EV adoption.

Electric vehicles accounted for only 2% of total automobile sales in India last year, with the government aiming to boost that to 30% by 2030.