Reliance Industries Secures Government Incentive for EV Battery Production

Reliance Industries has successfully secured a bid under the Indian government’s incentive program to boost electric vehicle (EV) battery production, according to an official statement released on Wednesday.

Earlier this year, seven companies submitted bids to establish local manufacturing facilities for advanced chemistry cells (ACCs) under the government’s production-linked incentive (PLI) scheme. Reliance is now positioned to produce up to 10 gigawatts of ACCs, essential components for EV batteries.

The conglomerate outperformed six other competitors, including Amara Raja Energy and Mobility, as well as JSW Energy. ACCs play a critical role in powering electric vehicles, which are pivotal to the future of the global automotive industry, particularly in India, the world’s third-largest car market.

The PLI scheme, with a maximum financial outlay of $434.4 million, aims to stimulate local battery production as part of India’s broader push towards EV adoption. Although electric vehicles accounted for only 2% of total car sales in India last year, the government has set an ambitious target to raise this figure to 30% by 2030.