Rajesh Exports, the Bengaluru-based retail company, has signed a pact with the Ministry of Heavy Industries and the Department of Industries and Commerce of the Karnataka government for a 5 GWh lithium-ion cell factory in the southern state.

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Rajesh Exports was selected as one of the three successful participants in the Rs 181 billion production-linked incentive (PLI) programme to produce advanced chemistry lithium-ion cells.

As per the requirement of the PLI Scheme, Rajesh Exports has incorporated a 100 per cent subsidiary in the name of ACC Energy Storage Pvt Ltd, for the execution of the project.

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The tripartite agreement has been executed wherein the Ministry of Heavy Industries has assured of all the required support for setting up of 5 GWhr Giga Factory. The Karnataka government has also assured all the required support and tailor-made incentive package for setting up the Giga Factory.

Rajesh Mehta, chairman, Rajesh Exports, said that the company is foraying into advanced technology solutions for energy storage with an aim to provide clean and green energy. "The company will take all the required steps to emerge as a leading global player in advanced technology solutions for energy storage.”  

Meanwhile, shares of Rajesh Exports traded flat in early morning deals, quoting Rs 945 apiece o NSE. The stock has yielded a positive turn of 32 per cent in 2023 so far.

Rajesh Exports has emerged as the single largest constituent of the gold business. It processes about 35 per cent of gold produced in the world. It is also one of the largest refiners of gold in the world.

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