India’s Reliance Industries, Softbank Group-backed Ola Electric and automaker Mahindra & Mahindra have submitted bids under the country’s $2.4 billion (Rs 18,000 crore) battery scheme, the government said on Saturday.
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.
Hyundai Global Motors, engineering conglomerate Larsen & Toubro, and battery makers Amara Raja and Exide have also submitted bids, the Ministry of Heavy Industries said.
“The program envisages an investment which will boost domestic manufacturing… and foreign direct investment in the country,” the ministry said.
