JSW Neo Energy, Reliance Industries, Lucas TVS, ACME Cleantech, Amara Raja, Anvi Power, and Waaree Energies have participated in a production linked incentive (PLI) auction for new-age battery manufacturing capacity in India. The companies bid for a cumulative capacity of 70 Giga Watt hours (GWh), with sops available only for 10 GWh. Technical bids for Rs 3,620 crore of PLI were opened.
Reliance Industries, JSW Neo Energy and Amara Raja Advanced Cell Technologies are among seven companies who have submitted bids to set up battery manufacturing gigafactory ..
Reliance, JSW among bidders for battery storage PLI financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.
Abhay Agarwal says "we have recently rebalanced our model portfolio, booked some profits in small and midcaps that we have over allocated to last year at the same time and redeploying them in largecaps where we see more value now. That is the only change that we have made in the portfolio. Other than that, we do not have increased cash allocation."
The objective of the investment in the SPV is to promote renewable energy on long term basis by qualifying as a captive consumer for solar capacity of 14.85 MWp for its factory situated in Haryana.