Reliance Industries has been awarded an offer under the Indian government’s inducements scheme to enhance the evolution of electric vehicle (EV) batteries. The business is one of the seven that before this year presented plans to establish local manufacture facilities for advanced chemistry cells (ACCs), an important part of electric vehicles.
Reliance Industries is now able to manufacture up to 10 GWs of ACCs through the government’s production-linked incentive (PLI) scheme. With this success, the oil-to-telecom company has moved ahead of six other competitors, such as JSW Energy and Amara Raja Energy and Mobility, who are all competing for the same incentives.
ACCs are essential to the development of electric vehicles, which are growing more and more important in India, the world’s third-largest automobile market. The PLI program aims to boost domestic EV battery manufacture with a maximum expenditure of $434.4 million. This program is consistent with the government’s ambitious goals for the country’s electric vehicle adoption.
In India, 2% of vehicle sales are currently electric vehicles. However, the government is pushing for a significant increase in the hopes of reaching 30% EV adoption by 2030. It is expected that local ACC manufacture will be essential to accomplish this aim by reducing dependency on imported components and encouraging the growth of the EV industry in India.
