ACC Battery PLI scheme announcement today, 4 companies including Rajesh Exports may qualify

The government may announce the names of companies that qualify for the ACC Battery Production Linked Incentive (PLI) scheme on March 21, 2022. There were ten firms that applied for the scheme, and four of them would qualify.

The 'National Programme on Advanced Chemistry Cell (ACC) Battery Storage' initiative, with a financial commitment of Rs 18,000 crore, intends to reach a production capacity of 50-gigawatt hours (GWh) of ACC for boosting India's manufacturing capabilities in the battery market.

The ministry received bids from 10 companies - Rajesh Exports, L&T, Amara Raja, Exide, M&M, Lucas, Rajesh Exports, Reliance New Energy Solar Ltd, Hyundai Global Motors Co Ltd, Ola Electric Mobility Pvt Ltd, India Power Corp Ltd.

The result may be declared today evening and it is expected that 4 companies including Rajesh Exports are eligible for ACC Battery PLI Scheme.

ACCs are a new generation of sophisticated storage technologies that can store electric energy as electrochemical or chemical energy and then convert it back to electricity as needed.