Reliance, Ola Electric, Rajesh Exports agree to build batteries in India
Reliance Industries, Softbank Group-backed Ola Electric and Indian jewellery maker Rajesh Exports on Friday signed final agreements to build battery cells under a $2.3 billion government incentive program.
Shares of Rajesh Exports rose as much as 5.9% to their highest since July 4 after the government’s statement on finalisation of the agreements.
The companies were among four bidders selected by the government in March to build a total of 50 gigawatt hours (Gwh) of battery storage capacity under a production-linked incentive programme.
India last year finalised the scheme to encourage companies to make battery cells locally as it seeks to establish a domestic supply chain for clean transport and renewable energy storage to meet its decarbonisation goals.
