- Reliance, JSW, and Amara Raja bid for battery gigafactory in India.
- Bids align with government’s incentive scheme to boost local battery production.
- Bid announcements lead to surge in shares of companies like Amara Raja Energy.
Reliance Industries, JSW Neo Energy, and Amara Raja Advanced Cell Technologies are part of a group of companies vying to establish a battery manufacturing gigafactory in India. This initiative, in line with the government’s production-linked incentive scheme, aims to enhance local production of advanced chemistry cells with a combined capacity of 10GWh. The establishment of such gigafactories is crucial for India’s ambitious plan to increase its renewable energy capacity to 500 GW by 2030, given its current capacity of 178 GW.
The government’s incentivization of private firms aims to bolster domestic production and reduce dependency on imports. With a maximum outlay of $434.41 million for battery manufacturing, the bid submissions signal a significant step towards achieving self-sufficiency in battery production. Additionally, the bid announcements have led to a surge in shares of companies like Amara Raja Energy and Mobility, indicating investor optimism regarding the potential growth prospects in the renewable energy and battery manufacturing sectors.
