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

The companies were among four bidders selected by the government in March to build a total of 50 gigawatt hours (Gwh) of battery storage capacity under a PLI programme

Ola
Reuters New Delhi
1 min read Last Updated : Jul 29 2022 | 1:33 PM IST

Reliance Industries, Softbank Group-backed Ola Electric and Indian jewellery maker Rajesh Exports on Friday signed final agreements to build battery cells under a $2.3 billion government incentive program.

Shares of Rajesh Exports rose as much as 5.9% to their highest since July 4 after the government's statement on finalisation of the agreements.

The companies were among four bidders selected by the government in March to build a total of 50 gigawatt hours (Gwh) of battery storage capacity under a production-linked incentive programme.

India last year finalised the scheme to encourage companies to make battery cells locally as it seeks to establish a domestic supply chain for clean transport and renewable energy storage to meet its decarbonisation goals.

The companies must set up their battery manufacturing facility within two years after which they will be eligible for incentives. These will be paid over a five-year period based on the sale of batteries manufactured in India, the government said in its statement.

($1 = 79.3950 Indian rupees)

(Reporting by Aditi Shah, additional reporting by Chris Thomas in Bengaluru)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :Reliance IndustriesOla Electric MobilityRajesh Exports

First Published: Jul 29 2022 | 1:33 PM IST

Next Story