Reliance, JSW Neo Energy, & Amara Raja bid for India’s battery gigafactory
Date: April 24. 2024. — Reliance Industries, JSW Neo Energy, and Amara Raja Advanced Cell Technologies have submitted bids to establish a battery manufacturing gigafactory in India. This move is part of India’s initiative to boost local production of advanced chemistry cells and support the country’s ambitious renewable energy goals.
The government has received bids for setting up units with a total capacity of 10GWh under its production-linked incentive (PLI) scheme. The scheme aims to incentivize private firms and has a maximum outlay of 36.20 billion rupees. This development is key to India’s plan to expand its renewable energy capacity to 500 GW by 2030, up from the current 178 GW.
Following the announcement of the bids, shares of Amara Raja Energy and Mobility, a company that specializes in the development, manufacturing, and commercialization of advanced cellular and communication technologies, surged over 25% (in April 2024), reaching a record high. The companies are competing to contribute to India’s renewable energy infrastructure by establishing these gigafactories, which are essential for storing energy generated from renewable sources.
