Indian conglomerate Reliance NSE 0.15 % Industries, South Korea’s Hyundai Motor Co and automaker Mahindra & Mahindra are among companies that have submitted bids under the country’s $2.4 billion battery scheme, two sources told Reuters.
India last year finalised an incentive program to encourage companies to invest in the local manufacturing of batteries as it looks to establish a domestic supply chain for clean transport and build storage for renewable energy.
Friday is the last day to submit technical bids.
Softbank Group-backed Ola Electric, engineering conglomerate Larsen & Toubro and battery makers Amara Raja and Exide have also submitted bids, the sources said.
