Reliance Industries Secures ₹3,620 Crore PLI for ACC Battery Production

Reliance Industries Limited (RIL) has secured production-linked incentives (PLI) worth ₹3,620 crore for manufacturing advanced chemistry cell (ACC) batteries. This win comes as part of the Ministry of Heavy Industries’ (MHI) rebidding process, where RIL emerged as the top contender for 10 GWh of ACC production capacity.

With this latest development, RIL now holds a total of 15 GWh of PLI benefits for battery production, having already secured 5 GWh in an earlier round of bidding. This achievement strengthens RIL’s presence in the burgeoning energy storage market, a key sector in India’s transition to cleaner and more sustainable energy solutions.

6 other companies, including Amara Raja Advanced Cell Technologies, JSW Neo Energy, ACME Cleantech Solutions, Anvi Power Industries, Waaree Energies and Lucas TVS were also vying for the PLI sops in this round. The evaluation of bidders was conducted using the Quality and Cost Based Selection (QCBS) mechanism, which considered both technical and financial scores. RIL secured the highest combined score, earning the full 10 GWh allocation.

A senior official from the Ministry of Heavy Industries confirmed that ACME Cleantech Solutions, Amara Raja, Waaree Energies, JSW Neo Energy, and Lucas TVS have been placed on a waitlist. These companies will be eligible to receive the incentives if the targeted beneficiaries fail to meet the requirements.

The PLI scheme for ACC battery production was first introduced in May 2021 as part of India’s National Programme on Advanced Chemistry Cell (ACC) battery storage. The government aims to achieve a manufacturing capacity of 50 GWh with a total PLI outlay of ₹18,100 crore. The first round of bidding was completed in March 2022, with Ola Cell Technologies winning 20 GWh, while RIL and ACC Energy Storage (Rajesh Exports) were granted 5 GWh each.

In this rebid, 10 GWh of capacity had initially been awarded to a company impersonating Hyundai Motor Company, leading to its reallocation. Although the genuine Hyundai Motor Company participated in the pre-bid meeting, it did not place a bid in this round.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.