Reliance Industries’ renewable energy arm inks agreement for 10 GWh capacity under Centre’s PLI initiative

“This agreement awards Reliance New Energy Battery Ltd a 10 GWh ACC capacity, following a competitive global tender process and makes it eligible to receive incentives under India’s ₹18,100 crore PLI ACC scheme,” the ministry said in a press release.

Under the agreement, Reliance New Energy Battery has been awarded a 10 GWH ACC capacity.

“This agreement awards Reliance New Energy Battery Limited a 10 GWh ACC capacity, following a competitive global tender process and makes it eligible to receive incentives under India’s ₹18,100 crore PLI ACC scheme,” the official release stated.The National Programme on Advanced Chemistry Cell (ACC) Battery Storage scheme was approved by the Union Cabinet in May 2021. The total allocation for the programme was ₹18,100 crore. The scheme is aimed at achieving a total manufacturing capacity of 50 GWh.

With the latest agreement with Reliance New Energy Battery Ltd, a cumulative capacity of 40 GWh has been awarded to four selected beneficiary firms. In the first round of bidding conducted in March 2022, three beneficiary firms were allocated a total capacity of 30 GWh, according to the ministry. The programme agreements for the contracts awarded in the first round were signed in July 2022.

The government also announced several initiatives under the PLI ACC scheme in the Union Budget 2025, like the exemption of 35 additional capital goods for EV battery manufacturing from Basic Customs Duty (BCD) and a targeted initiative to boost the production of lithium-ion batteries in India.

Shares of Reliance Industries Ltd were trading 0.24% lower at ₹1,222 apiece, at 1.25 pm.

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