ENA Sectors 2023-11-14 12:38:41 <p><span style="font-size:14px"><strong>New Delhi, Nov 14 (KNN)</strong> India will soon introduce an incentive program with an estimated value of 80 billion rupees (USD 960 million) to foster its electric vehicle (EV) ecosystem, reported ET.</span></p> <p><span style="font-size:14px">People aware of the matter told ET that the program will invite bids from interested parties, signaling a strategic push towards enhancing the domestic production of electric vehicle batteries.</span></p> <p><span style="font-size:14px">The program will require winning bidders to set up advanced chemistry battery plants with a total output of 20 gigawatt hour, said the people, declining to be named as the plans are private. The government will seek bids from potential investors next month, they said.</span></p> <p><span style="font-size:14px">Companies including Koreas LG Energy Solution Ltd., and local heavyweights such as Mahindra &amp; Mahindra Ltd., Amara Raja Energy &amp; Mobility Ltd., Exide Industries Ltd. and Larsen &amp; Toubro Ltd. showed interest during a consultation meeting held with government officials, the people said. </span></p> <p><span style="font-size:14px">The government will give incentives to companies over a period of five years on the sale of batteries manufactured locally. </span></p> <p><span style="font-size:14px">The demand for batteries is expected to rise to 260 gigawatt hour by 2030, catering to a growing market of electric vehicles, grid-scale energy storage and consumer electronics, according to a report published by research center RMI India and the governments think tank Nitu Aayog.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 35505 https://knnindia.co.in/news/newsdetails/sectors/india-plans-960-mn-incentive-program-for-ev-battery-production 2023-11-14 12:38:41 knnindia.co.in