homebusiness NewsIndia to seek bids for $960 million battery production program

India to seek bids for $960 million battery production program

The program will require winning bidders to set up advanced chemistry battery plants with a total output of 20 gigawatt hours, said the people, declining to be named as the plans are private. The government will seek bids from potential investors next month.

By Bloomberg  Nov 13, 2023 6:12:12 PM IST (Updated)

2 Min Read

India is planning to invite bids for an 80 billion rupees ($960 million) incentive program for production of electric vehicle batteries, according to people familiar with the matter.
The program will require winning bidders to set up advanced chemistry battery plants with a total output of 20 gigawatt hours, said the people, declining to be named as the plans are private. The government will seek bids from potential investors next month, they said.
Companies including Korea’s LG Energy Solution Ltd., and local heavyweights such as Mahindra & Mahindra Ltd., Amara Raja Energy & Mobility Ltd., Exide Industries Ltd. and Larsen & Toubro Ltd. showed interest during a consultation meeting held with government officials, the people said. The government will give incentives to companies over a period of five years on the sale of batteries manufactured locally.