International Business: Reliance, Ola Electric win incentives in India’s $2.4 billion battery scheme, sources say – Gulf Digital News

International Business: Reliance, Ola Electric win incentives in India’s $2.4 billion battery scheme, sources say – Gulf Digital News

NEW DELHI - Reliance Industries and Softbank Group-backed Ola Electric will receive incentives under India's $2.4 billion programme to boost local battery cell production after winning a tender, four sources told Reuters.

The winning bidders also include Hyundai Global Motors Company and Indian jewellery maker Rajesh Exports, the sources said on condition of anonymity.

The Indian government last year finalised a programme 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.

Ola Electric and Hyundai will get incentives for 20 gigawatt hours (Gwh) capacity while Reliance and Rajesh Exports have won incentives for 5 Gwh, the sources said. They did not give a financial value.

Reliance and Rajesh Exports did not immediately respond to requests for comment. Hyundai Global could not immediately be reached for comment.

An Ola spokesperson did not comment on whether it has won the bid but referred Reuters to an announcement made on Wednesday on its local battery manufacturing plans. Ola Electric said yesterday it has appointed Prabhakar Patil, the former chief of LG Chem Power, to its board, and has plans to set up 50 Gwh of storage capacity.

Battery