Reliance, JSW, Amara Raja submit bids to set up battery manufacturing gigafactory: Report

As mentioned in a report in Reuters, the companies have submitted bids to set up manufacturing plants for advanced chemistry cells with a total capacity of 10GWh. These will be in line with the government's production-linked incentive scheme.

Battery energy projects are crucial to India's plan to expand its renewable energy capacity that it aims to increase to 500 GW by 2030. India has a capacity of 178 GW at present.

The government that offers incentives to private firms to boost local production has a maximum outlay of $434.41 million for battery manufacturing.

Shares of Amara Raja Energy and Mobility AMAR.NS, whose unit Amara Raja Advanced Cell is one of the bidders, soared 15% to an all-time high after the announcement.

Meanwhile, Nuvama said that Reliance New Energy rollout is expected to unleash its next leg of growth besides aiding conventional business. "We are raising FY26E Ebitda by 8 per cent (strong outlook), lifting our target by 10 per cent to Rs 3,500," it said, a day after Reliance reported a 1.8 per cent year-on-year drop in net profit for the March quarter on a 11.3 per cent jump in sales.

(With Reuters inputs)