Ten businesses made proposals for the Advanced Chemistry Cell (ACC) Battery Storage Program in India, for which the Ministry of Heavy Industries (MHI) issued a Request for Proposal (RFP) on October 22, 2021.
Following are the companies who have applied for the ACC PLI scheme:
- Reliance New Energy Solar Limited
- Hyundai Global Motors Company Limited
- Ola Electric Mobility Private Limited
- Lucas-TVS Limited
- Mahindra & Mahindra Limited
- Amara Raja Batteries Limited
- Exide Industries Limited
- Rajesh Exports Limited
- Larsen & Toubro Limited
- India Power Corporation Limited
The manufacturing plant would have to be established within a two-year time-frame. Following that, the incentive would be paid out over a five-year period on the sale of batteries made in India.
The Government approved the ‘National Program on Advanced Chemistry Cell (ACC) Battery Storage’ Production Linked Incentive (PLI) Scheme with a budgetary outlay of Rs. 18,100 crore for achieving manufacturing capacity of Fifty (50) Giga Watt Hour (GWh) of ACC for enhancing India’s Manufacturing Capabilities.
The program is supposed to be technology neutral. The recipient business shall be free to select appropriate advanced battery technology and associated plant and machinery, raw materials, and other intermediate products for the purpose of establishing a cell manufacturing facility capable of manufacturing cells for any application.
The ACC PLI program is anticipated to save the country money by significantly reducing crude oil imports and increasing the percentage of renewable energy on the national grid.
Industry has placed its trust in India’s meteoric rise as a world-class manufacturing location, which is consistent with the Hon’ble Prime Minister’s clarion appeal for Atma Nirbhar Bharat – an independent India.
Reference- Mercom India, Economic Times, Press Information Bureau, Ministry of Heavy Industries (MHI) website