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

NEW DELHI: Reliance Industries, Softbank Group-backed Ola Electrical and Indian jewelry maker Rajesh Exports on Friday signed last agreements to construct battery cells below a $2.3 billion authorities incentive program.
Shares of Rajesh Exports rose as a lot as 5.9% to their highest since July 4 after the federal government’s assertion on finalisation of the agreements.
The businesses had been amongst 4 bidders chosen by the federal government in March to construct a complete of fifty gigawatt hours (Gwh) of battery storage capability below a production-linked incentive programme.
India final 12 months finalised the scheme to encourage firms to make battery cells domestically because it seeks to determine a home provide chain for clear transport and renewable vitality storage to satisfy its decarbonisation objectives.
The businesses should arrange their battery manufacturing facility inside two years after which they are going to be eligible for incentives. These might be paid over a five-year interval primarily based on the sale of batteries manufactured in India, the federal government mentioned in its assertion.

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