Ola Electric, Reliance To Get Incentives Under $2.4 Bn Battery Scheme: Report

Reliance Industries and Softbank Group-backed Ola Electric have won bids to receive incentives under India's $2.4 billion battery programme, according to Reuters.

The winning bidders also include Hyundai Global Motors Company and Indian jewellery maker Rajesh Exports.

The government had last year finalised a programme to incentivise companies to make battery cells locally as it looks to establish a domestic supply chain for clean transport and renewable energy storage to meet its decarbonisation goals.

Ten companies submitted bids totalling about 130 gigawatt hours (Gwh), of which four have won, the sources said.

These include automaker Mahindra & Mahindra, battery makers Amara Raja and Exide Industries, and engineering conglomerate Larsen & Toubro.