Govt. to re-auction PLI for batteries soon

The Indian government will re-auction the performance-linked incentives (PLI) for 20 GW advanced chemistry cell (ACC) battery manufacturing, following the allocation of the capacity to Hyundai Global Motors, which was found to be impersonating Hyundai Motor. Estimated incentives of INR 7,240 crore will be offered under the INR 18,100 crore PLI scheme disbursed over five years.

Incentives of an estimated INR 7,240 crore will be offered in the new bids, they said. This capacity was initially allocated to Hyundai Global Motors, a company which was found to be impersonating South Korea’s Hyundai Motor Co. These sops are being offered under the INR 18,100 crore PLI scheme for ACC. The incentives on offer will be disbursed over a five-year period on sale of batteries manufactured in India.

Ola Electric Mobility, Rajesh Exports and Reliance New Energy Solar are the three other companies that were awarded PLI benefits for ACC battery manufacturing last year. “Their plans are largely on track,” a senior government official told ET on condition of anonymity.

After the bids called last year, Rajesh Exports and Reliance New Energy Solar was awarded incentives for setting up 5 GWh of manufacturing capacity each. Ola Electric Mobility is developing 20 GWh manufacturing capacity under the same programme.