On September 4, 2024, Reliance Industries, a major Indian conglomerate led by Mukesh Ambani, achieved a significant milestone in the country’s push toward electric vehicle (EV) adoption.
The Indian government announced that Reliance had won a bid under the production-linked incentive (PLI) scheme, designed to boost local manufacturing of advanced chemistry cells (ACCs), which are critical for EV batteries. This move is part of a broader strategy to transform India into a key player in the global EV market.
Key Developments
The PLI scheme, with a total budget of $434.4 million, aims to enhance domestic production of ACCs. It also supports the government’s ambitious target of increasing the share of electric vehicles in total car sales from 2% to 30% by 2030. Reliance Industries’ successful bid allows the company to produce up to 10 gigawatts (GW) of ACCs annually. This significant capacity will contribute to the growth of India’s EV infrastructure.
Reliance emerged victorious over six other competitors, including Amara Raja Energy and Mobility and JSW Energy. This victory not only highlights Reliance’s commitment to advancing green technology but also demonstrates its strategic shift towards sustainable energy solutions. The company’s involvement in this sector is expected to play a crucial role in meeting India’s environmental and economic goals.
In addition to the PLI scheme win, Reliance Infrastructure, another arm of the Reliance Group, is exploring the feasibility of setting up an EV manufacturing plant with an initial capacity of 250,000 vehicles per year, aiming to scale up to 750,000 units.
The company is also planning a battery plant with a starting capacity of 10 GWh, targeting an expansion to 75 GWh over the next decade.
Final Takeaway
Reliance Industries’ successful bid for government incentives marks a pivotal moment in India’s electric vehicle sector. By securing the PLI scheme, Reliance not only strengthens its position in the growing EV market but also supports the Indian government’s ambitious goals for electric vehicle adoption and green technology advancement.
As Reliance advances its plans for EV and battery production, it is poised to play a significant role in shaping the future of sustainable transportation in India. This move highlights the growing investment in the local EV market. It also signals a broader trend toward a greener, more sustainable automotive industry in India. Overall, Reliance’s efforts contribute to the evolving landscape of sustainable transportation in the country.
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