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Reliance, Ola Electric, Rajesh Exports agree to build batteries in India

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 PLI programme

Topics
Reliance Industries | Ola Electric Mobility | Rajesh Exports

Reuters  |  New Delhi 



Ola

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

Shares of rose as much as 5.9% to their highest since July 4 after the government's statement on finalisation of the agreements.

The 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 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 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

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