Reliance Industries Limited is an Indian multinational company, based in Mumbai. It engages in diverse businesses from natural gas, petrochemicals, and textile, to mass media, retail, etc. Ola Electric is an Indian electric two-wheeler manufacturer, based in Bangalore, it introduces the future of mobility in India with its most advanced electric scooter. Rajesh Exports Limited is an Indian multinational gold retailer, based in Bangalore.
These three major companies signed an agreement to build battery cells under a $2.3 billion government incentive program. This program agreement was signed under Production Linked Incentive (PLI) scheme, these companies will receive incentives under this program to manufacture the batteries.
Indian Government approved the PLI scheme- ‘National Programme on Advanced Chemistry Cell (ACC) Battery Storage’, under this program government is ensuring the achievement of greater domestic value addition and making the cost of battery manufacturing globally competitive. The purpose of this scheme is to develop a sustainable India, with more efficient electronic vehicles instead of traditional fossil-fuel ones.