Sep-4’2024 Reliance Industries Limited has emerged as a key player in India’s electric vehicle (EV) revolution, securing a significant win under the government’s Production-Linked Incentive (PLI) scheme. The company will receive substantial government support to establish a manufacturing unit for advanced chemistry cells (ACCs), essential components of EV batteries.
This victory positions Reliance at the forefront of India’s burgeoning EV market, aligning with the government’s ambitious goal of achieving 30% EV penetration by 2030. The PLI scheme, with a maximum outlay of $434.4 million, aims to boost local production of ACCs, reducing dependence on imports and lowering costs for consumers.
Reliance’s win over competitors such as Amara Raja Energy, JSW Energy, and ACME Cleantech Solutions underscores its commitment to sustainable energy solutions. The company’s expansion into EV battery production marks a strategic shift from its traditional oil-to-telecom business, demonstrating its adaptability and forward-thinking approach.
With a production capacity of up to 10 gigawatts of ACCs, Reliance will play a crucial role in driving the adoption of electric vehicles in India. This move is expected to accelerate the country’s transition to a greener and more sustainable future.
Key Points:
- PLI Scheme Win: Reliance secures significant government support for ACC manufacturing.
- EV Market Leadership: Positions Reliance as a key player in India’s EV revolution.
- Strategic Expansion: Demonstrates Reliance’s commitment to sustainable energy and innovation.
- Increased Production Capacity: Will contribute to the growth of India’s EV ecosystem.
