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India to seek bids for USD 960 mln EV battery production program

Tuesday, 14 Nov 2023
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India is planning to invite bids for a Rs 80 billion (USD 960 million) incentive program for domestic production of electric vehicle (EV) batteries. The winning bidder will set up advanced chemistry battery plants with a total output of 20 GW hour. The government will seek bids from interested parties next month.

Mahindra & Mahindra, Amara Raja Energy & Mobility, Exide Industries and Larsen & Toubro as well as Korea’s LG Energy Solution have showed interest during a consultation meeting held with government officials.

The government will give incentives to companies over a period of five years on the sale of batteries manufactured locally. The battery push comes as India is looking to increase adoption of less polluting transport. Also, plans to reduce import taxes for battery-powered models are also being pursued.

Reliance Industries, Ola Electric Mobility and Rajesh Exports were selected last year to produce 30 GW hour worth of battery capacity, and to avail incentives under the first phase of this government program. 

The demand for batteries is expected to rise to 260 GW hour by 2030, with the growing market of EVs, grid-scale energy storage and consumer electronics, as per a report published by RMI India and Niti Aayog. 

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