Mukesh Ambani's Reliance submits bid for massive plant, aims for Rs 36000000000…

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Mukesh Ambani's Reliance is involved in a wide range of energy companies and it has now submitted a bid for a new battery manufacturing gigafactory in India.

Mukesh Ambani is the richest man in India with a massive net worth of Rs 965241 crore. He is the chairperson of Reliance Industries, India's most valuable company with a market cap of Rs 1974000 crore. Mukesh Ambani's Reliance is involved in a wide range of energy companies and it has now submitted a bid for a new battery manufacturing gigafactory in India.

As per a report by Reuters, Mukesh Ambani's Reliance along with six other companies has submitted bids to set up units to manufacture advanced chemistry cells with a total capacity of 10GWh under the government's production-linked incentive scheme.

India aims to expand its renewable energy capacity to 500 gigawatts (GW) by 2030. Battery energy projects are critical for the country that aims to jump massive from the current 178 GW renewable energy capacity.

The companies that have submitted the bid for new battery manufacturing gigafactory in India include Reliance Industries, JSW Neo Energy and Amara Raja Advanced Cell Technologies.

For those who are unaware, the Indian government offers incentives to private firms with an aim of boosting local production. The scheme for battery manufacturing has a maximum outlay of over Rs 3600 crore and these companies aim to get a chunk of it.

(with inputs from Reuters)