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Reliance Industries, Softbank Group-backed Ola Electric and Indian jewellery maker Rajesh Exports on Friday signed final agreements to build battery cells under a $2.3 billion government incentive program.
Shares of Rajesh Exports rose as much as 5.9% to their highest since July 4 after the government's statement on finalisation of the agreements.
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. These will be paid over a five-year period based on the sale of batteries manufactured in India, the government said in its statement.
($1 = 79.3950 Indian rupees)
(Reporting by Aditi Shah, additional reporting by Chris Thomas in Bengaluru)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Fri, July 29 2022. 13:33 IST