India Inc is planning a huge energy reset, as the heavyweight companies including Reliance Industries, Hero Motocorp, and Adani are readying plans to enter battery manufacturing.
India Inc is planning a huge energy reset, as the heavyweight companies including Reliance Industries, Hero Motocorp, and Adani are readying plans to enter battery manufacturing and battery pack assembly with investments running into several billion dollars over the next decade or so, according to a new report in factordaily.com.
The report said that Reliance Industries, the country’s largest company by revenues, is the most ambitious of the lot, and the company has aggressive plans to establish a factory that would produce Lithium-Ion (Li-Ion) batteries of 25 gigawatt-hours (GWh) capacity, citing multiple sources. “There is a lot happening in the EV space, and Reliance has long been in the energy business. Add to that, it now is a maker of phone and has telecom towers – all of them powered by Li-Ion battery,” the unidentified source close to Reliance reportedly told factordaily.com. “Not only Reliance, others like JSW, Adani, and Mahindra are also looking at the battery pack business,” factordaily.com quoted the source as saying.
India has ambitions of being an all electric car nation by 2030 and international players such as Suzuki Motor Corp. and Toshiba Corp. have already unveiled their Li-Ion battery plans for India, says the report. The report expressed that JSW Energy which is a part of Sajjan Jindal-led JSW Group is also planning to set up a battery factory, even as it plans to launch electric vehicles by 2020. “JSW Energy plans to enter into energy storage systems business for both in static and mobility applications as it will be forward integration of its existing business of power generation to distribution,” the company reportedly told factordaily.com.
Just last week, Suzuki announced that it will invest Rs 1,150 crore together with Japanese partners Toshiba and Denso Corp. to set up a Lithium-Ion battery facility in Gujarat. According to the company arrangement, Suzuki will own 50%, Toshiba 40%, and Denso 10% of the joint venture that will make batteries and battery packs for Indian car maker Maruti Suzuki and export to Suzuki.