India is looking to install a total of 50 gigawatt hours (GWh) of battery storage capacity over five years, which is expected to attract direct investment of about $6 billion.
India’s Reliance Industries, SoftBank Group-backed Ola Electric and automaker Mahindra & Mahindra have submitted bids under the country’s $2.4 billion battery plan, the government said on Saturday.
India last year finalized an incentive program to encourage companies to invest in local manufacturing of batteries as it seeks to establish a domestic supply chain for clean transportation and build storage for renewable energy. doing.
Hyundai Global Motors, engineering conglomerate Larsen & Toubro, and battery makers Amara Raja and Exide have also submitted bids, the heavy industries ministry said.
“The program envisages an investment that will boost domestic manufacturing … and foreign direct investment in the country,” the ministry said.
India is looking to install a total of 50 gigawatt hours (GWh) of battery storage capacity over five years, which is expected to attract direct investment of about $6 billion.
To qualify for the incentive, companies must install at least 5 Gwh of storage capacity and meet certain local content conditions, all of which require a minimum investment of more than $850 million.
The ministry said ten companies have submitted total bids of around 130 GW.
India was also encouraging global companies such as Tesla Inc., Samsung, LG Energy, Northvolt and Panasonic to invest.
Clean auto technology is an important part of India’s strategy to reduce pollution and oil dependence in major cities. But electric vehicles (EVs) currently make up a fraction of total sales in the country, mainly because of their high cost as the batteries are imported.
The South Asian country wants electric cars to account for 30% of personal car sales by 2030 and for electric motorcycles and scooters to account for 40% of such sales, increasing demand for batteries that currently account for about 35% to 40% of total vehicle sales. does. cost.
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