Mukesh Ambani eyes the market of ₹49000 crores, will get 3620 crores from the government to set up a battery plant
Mukesh Ambani, Asia's richest industrialist and chairman of Reliance Industries, is constantly expanding his business. Ambani's business ranges from petrochemicals to telecommunications, green energy to retail. Now he has his eyes on the market segment worth Rs 49000 crore.
Mukesh Ambani: Asia's richest industrialist and Reliance Industries chairman Mukesh Ambani is constantly expanding his business. Ambani's business ranges from petrochemicals to telecommunications, green energy to retail. Now his eyes are on the market segment of Rs 49000 crore. Mukesh Ambani is going to manufacture batteries for electric vehicles. Information was given about this by the government, in which it was told that the country's largest company Reliance Industries Limited has been approved to set up a 10 gigawatt battery manufacturing unit for ACC battery storage. Mukesh Ambani will also get the benefit of a production-linked incentive (PLI) scheme of Rs 3,620 crore from the government for this.
Ambani has his eyes on the market worth Rs 49000 crore
According to a Reuters report, the size of the EV battery market in India in 2023 is about $5.9 billion i.e. Rs 49000 crore. It is expected that by 2028 its market size will almost double i.e. $10.14 billion. Reliance's entry into a sector that is growing so fast has increased competition.
Reliance came first by defeating these companies
The Ministry of Heavy Industries received seven bids under the global tender issued for the PLI scheme of Advanced Chemical Cell (ACC) manufacturing. In this, the maximum budget of Rs 3,620 crore was kept for the 10 GWh ACC battery storage unit. The following companies were included in the list of bidding companies.
- ACME Cleantech Solutions Pvt Ltd
- Amara Raja Advanced Cell Technologies Pvt Ltd
- Anvi Power Industries Private Limited
- JSW Neo Energy Limited
- Lucas TVS Ltd
- Reliance Industries Limited
- Waaree Energies Limited
And this is how Reliance won
The ministry had selected six companies for financial assessment after evaluating all seven bids. Reliance Industries Limited has been selected for 10 GWh ACC capacity under the PLI scheme on the basis of Quality and Cost Based Selection System (QCBS), the ministry said in an official statement. The ministry said that the bidder i.e. Reliance Industries Limited has been selected on the basis of the maximum total score for setting up this unit. The Union Cabinet had announced in May 2021 a target to achieve a manufacturing capacity of 50 GWh with an outlay of Rs 18,100 crore on the National Program on ACC Battery Storage under the PLI scheme.