- 17 Jan 2022
- ICICIdirect Research
LT - 2316 Change: 37.55 (1.65 %)
News: The government has received total 10 bids with capacity ~ 130 Gwh (Gigawatt hours) under the Production Linked Incentive (PLI) Scheme for advanced chemistry cell (ACC) battery storage. The scheme received an encouraging response from local as well as global investors as bids received is 2.6 times the manufacturing capacity to be awarded i.e. 50 Gwh. Ola Electric, Amar Raja, Reliance New Energy Ltd, M&M, L&T among 10 companies, have submitted bids for manufacturing advance chemistry cell (ACC) battery in India, under the PLI scheme.
Views: The programme envisages an investment, which will boost domestic manufacturing and also facilitate battery storage demand creation for both electric vehicles and stationary storage along with development of a complete domestic supply chain & FDI in the country. ACC PLI scheme is expected to result in saving to the nation on account of reduction in import of crude oil to a significant extent and increase the share of renewable energy at the national grid level.