Panasonic to foray into India’s battery manufacturing market

New Delhi, July 17 (KNN) Panasonic, Tesla’s biggest supplier of batteries is planning to set up a battery manufacturing plant in India under the government’s advanced chemistry cell (ACC) battery storage scheme.

According to TOI sources a high-level delegation from the Japanese company held talks with senior functionaries of the government in the first week of this month.

Kazuo Tadanobu, global president and CEO of Panasonic Energy, came and met former Niti Aayog CEO and G20 Sherpa Amitabh Kant, apart from heavy industries secretary Kamran Rizvi.

The company showed its interest and their plans to consider India for a battery manufacturing operation.

The government officials latter briefed them about the schemes available for such expansion and the country’s potential for growth.

However, it is understood that the Japanese company is now “coming close to making substantial investments” in India with setting up of the battery manufacturing plant, reported TOI.

The government had in March last year selected four companies for the Rs 18,100 crore production-linked incentive (PLI) scheme for ACC battery storage.

However, Hyundai Global Motors, which was allotted benefits for a 20GWh (Gigawatt hours) capacity, had pulled out of the scheme, which may now be passed on to Panasonic if the government reopens the window.

However, there is no confirmation on the same and this needs to be ratified at the highest levels within the government, the sources said.  (KNN Bureau)