Reliance, Hyundai, Mahindra bid for incentives under India’s Rs 18,000-crore battery scheme
Indian conglomerate Reliance 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 (Rs 17,800 crore approx.)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.
