INSUBCONTINENT EXCLUSIVE:
Around 10 companies have submitted bids totalling close to 100 GwhNEW DELHI: Reliance Industries, South Korea's Hyundai Motor Co and
automaker Mahindra - Mahindra are among companies that have submitted bids under the country's $2.4 billion battery scheme, two sources
told Reuters.India last year finalised an incentive program to encourage companies to invest in the local manufacturing of batteries as it
looks to establish a domestic supply chain for clean transport and build storage for renewable energy.Friday is the last day to submit
Softbank Group-backed Ola Electric, engineering conglomerate Larsen - Toubro and battery makers Amara Raja and Exide have also submitted
bids, the sources said.None of the companies named by the sources immediately responded to requests for comment
India wants to establish a total of 50 gigawatt hours (Gwh) of battery storage capacity over five years, which it expects will attract
direct investment of about $6 billion.To qualify for the incentives, companies must set up at least 5 Gwh of storage capacity and meet
certain local content conditions, all of which would require a minimum investment of more than $850 million.Around 10 companies have
submitted bids totalling close to 100 Gwh, the sources said
India was also encouraging global companies such as Tesla Inc, Samsung, LG Energy, Northvolt and Panasonic to invest.Clean auto technology
is a key part of India's strategy for cutting pollution in major cities and reducing oil dependence
But electric vehicles (EVs) currently make up a fraction of total sales in the country mainly due to their high price as batteries are
the total vehicle cost.(This story has not been edited by TheIndianSubcontinent staff and is auto-generated from a syndicated feed.)
