India Gears Up For $4 Billion Tesla-Scale Battery Storage Plants

- Advertisement -
  • The plan is supported by NITI Aayog and looks to accomplish what Tesla has done at its Gigafactory in Nevada, US
  • As part of the plan, the govt may offer a raft of incentives to manufacturers such as concessional financing options
  • Govt may also offer an output-linked subsidy on a kilowatt-hour (KWh) of cells sold
  • Apart from EVs, such battery storages will cater to the consumer electronics industry and electricity grids

India is putting the final shape on a plan to build at least four Tesla-style giga factories to manufacture batteries with an investment of around $4 billion, reported Mint. This news comes at a time when the country is preparing to switch to electric vehicles to curb pollution and cut its dependence on foreign oil.

Aimed at securing India’s energy needs, the plan to set up these factories of 10 gigawatt-hours (GWh) each is being helmed by federal policy think tank NITI Aayog and looks to accomplish what Tesla has done at its Gigafactory in Nevada, US.

- Advertisement -

Benefits galore
As part of the plan, the government may offer a raft of incentives to manufacturers such as concessional financing options with around 3 per cent foreign exchange hedge on overseas loans and a fixed 3 per cent interest subvention on loans availed in Indian rupees. In addition, a reduction in minimum alternate tax (MAT) may be offered.

According to information reviewed by Mint, the support extended by the government for advanced chemistry cells and battery manufacturing may also include an investment-linked tax incentive under Section 35 AD, a deemed infrastructure status and a suitable basic customs duty safeguard. It may also offer an output-linked subsidy on a kilowatt-hour (KWh) of cells sold.

Apart from electric vehicles, such battery storages will cater to the consumer electronics industry and electricity grids, given the intermittent nature of electricity from clean energy sources such as solar and wind.

- Advertisement -

Related Artcles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Buzz

Tata Motors And SBI Come Together For EVs

0
India’s largest Public Sector bank, State Bank of India has joined hands with Tata Motors in the space of electric vehicles. Tata Motors, leader...

Ending The Redundancy In The Indian Charging Space

0
Keen on de-cluttering the home and office space, the government is chewing over the idea of having a common charger for all devices. It...

Kirloskar Introduces Advanced IoT-Based KirloSmart

0
Kirloskar Brothers Ltd (KBL) recently launched an advanced and upgraded version of its IoT-based pump monitoring system, KirloSmart. It is already a first-of-its-kind IoT-based...

Exclusive

Tata Motors And SBI Come Together For EVs

0
India’s largest Public Sector bank, State Bank of India has joined hands with Tata Motors in the space of electric vehicles. Tata Motors, leader...

Ending The Redundancy In The Indian Charging Space

0
Keen on de-cluttering the home and office space, the government is chewing over the idea of having a common charger for all devices. It...

Kirloskar Introduces Advanced IoT-Based KirloSmart

0
Kirloskar Brothers Ltd (KBL) recently launched an advanced and upgraded version of its IoT-based pump monitoring system, KirloSmart. It is already a first-of-its-kind IoT-based...

Important Sectors

Tata Motors And SBI Come Together For EVs

0
India’s largest Public Sector bank, State Bank of India has joined hands with Tata Motors in the space of electric vehicles. Tata Motors, leader...

Ending The Redundancy In The Indian Charging Space

0
Keen on de-cluttering the home and office space, the government is chewing over the idea of having a common charger for all devices. It...

India Semiconductor Mission: India Needs To Do Enough To Sit On The World Table

0
The government’s strong foot forward with regards to the semiconductor space was a much-needed move and, although late, it is expected to herald the...

Kirloskar Introduces Advanced IoT-Based KirloSmart

0
Kirloskar Brothers Ltd (KBL) recently launched an advanced and upgraded version of its IoT-based pump monitoring system, KirloSmart. It is already a first-of-its-kind IoT-based...

Syrma SGS Gets Rs 252 Crores Before IPO

0
With its Initial Public Offering (IPO) opening today, the Electronic manufacturing services (EMS) firm Syrma SGS Technology has already raised Rs 252 crore from...

Manufacturing

Ending The Redundancy In The Indian Charging Space

0
Keen on de-cluttering the home and office space, the government is chewing over the idea of having a common charger for all devices. It...

Syrma SGS Gets Rs 252 Crores Before IPO

0
With its Initial Public Offering (IPO) opening today, the Electronic manufacturing services (EMS) firm Syrma SGS Technology has already raised Rs 252 crore from...

Slow Progress On Solar Parks Irks Ministry

0
Inefficient solar park projects are set to face strict scrutiny from the Ministry of New and Renewable Energy (MNRE). According to two anonymous sources...
Drone

Army Looking For Indigenous Combat Drones

0
In view of the Make in India policy of the Indian government, the Indian Army has launched a programme called ‘Him Drone-a-thon’. Drone Federation...

New Policy Push For Floating Solar Projects

0
A new policy for Solar energy is underway, which would incentivise investment in floating solar power generation. Though the technology needed is expensive, it...