RIL, Ola Electric, Rajesh Exports agree to make batteries in India

New Delhi, July 29

Reliance Industries, Softbank Group-backed Ola Electric and jewellery maker Rajesh Exports on Friday signed final agreements to build battery cells under a $2.3 billion government incentive programme.

Eye 50 Gwh storage capacity

• The companies were among four bidders selected by the government in March to build a total of 50 gigawatt hours (Gwh) of battery storage capacity under a production-linked incentive programme

India last year finalised the scheme to encourage companies to make battery cells locally as it seeks to establish a domestic supply chain for clean transport and renewable energy storage to meet its decarbonisation goals.

The companies must set up their battery manufacturing facility within two years after which they will be eligible for incentives. — Reuters