According to a report by CNBC-TV18, the Government of India finished the approval procedure for the advanced chemistry cell (ACC) PLI program on March 17. The bids of four businesses, including Reliance Industries and Ola Electric, are expected to be approved by the government for the ACC PLI program.
Bids for the ACC PLI program were filed by Reliance New Energy Solar, Mahindra & Mahindra, L&T, Ola Electric, Hyundai Global Motors, Lucas-TVS, Amara Raja Batteries, Exide Industries, Rajesh Exports, and India Power Corp.
The successful bidder’s name is scheduled to be announced by the Centre early next week. The Union Cabinet approved Rs 18,100 crore PLI project for domestic production of advanced chemistry cells, generally known as battery storage, in May 2021.
Prakash Javadekar, Minister of Environment, Forest and Climate Change, Information and Broadcasting, and Heavy Industries and Public Enterprises, announced the initiative, saying, “The PLI for advanced chemistry cell that is battery storage will be of Rs. 18,100 crore. It will help in the production of 50 gigawatts of battery storage. We expect Rs. 45000 crore worth of investment foreign as well as Indian.”
He had further said “Now as we are producing battery storage, it will help in a net saving of the import bill as we are importing all requirement of battery storage and at the same time reflect on our climate-friendly growth path. It will be used in consumer electronics, electric vehicles, advanced electricity grids, solar rooftop, solar power plants, etc. which are major battery-consuming sectors.”
