Rajesh Exports, Beneficiary Of Rs 18,100 Crore Battery PLI Scheme, Creates Subsidiary For Manufacturing Advanced Chemistry Cells

Rajesh Exports, one of the three beneficiaries of the Centre's Rs 18,100 crore production linked incentive (PLI) scheme for Advance Chemistry Cells (ACC), battery storage is gearing up for production of the battery cells.

The company, along with Reliance New Energy Limited and Ola Electric, had signed the programme agreements for ACC PLI scheme with the government in July this year.

Rajesh Exports, which is the largest gold refiner in the world, on Monday (7 November) said that it has incorporated a fully-owned subsidiary for energy storage solutions.

"As per the requirement of the PLI Scheme, REL [Rajesh Exports Limited] has incorporated a 100% Subsidiary in the name of ACC Energy Storage Pvt Ltd," the company said.

"The venture of manufacture of Advanced Chemistry Cells would be under the newly formed 100% Subsidiary," it added.

Commenting on the development, REL chairman Rajesh Mehta said, “While leading the Global Gold business, REL is foraying into advanced technology solutions with an aim to provide clean and green energy to the World. REL would be taking all the required steps to emerge as a leading global player in advanced technology solutions”

The government had last year approved the PLI scheme 'National Programme on Advanced Chemistry Cell (ACC) Battery Storage’ for achieving manufacturing capacity of 50 Giga Watt Hour (GWh) of ACC for enhancing country’s manufacturing capabilities with a budgetary outlay of Rs 18,100 crore.

A total of 10 bids were received from companies with manufacturing capacity of 128 GWh under the PLI Scheme of ACC Battery Storage.

Earlier in March this year, a total of four companies, including Reliance New Energy Solar Limited, Ola Electric and Rajesh Exports were selected for availing incentives under the PLI for ACC battery storage. 

Both, Ola Electric was awarded 20 Gigawatt-hour (GWh) capacity while Rajesh Exports and Reliance were awarded 5 GWh capacity each, under the scheme.

Under the ACC PLI programme, the manufacturing facility would have to be set up within a period of two years. The incentive will be disbursed thereafter over a period of five years on sale of batteries manufactured in India.

The programme is designed in such a manner that it is technology agnostic in nature and hence only focus on the desired output of the batteries. Thereby the beneficiary firm shall be free to choose suitable advanced technology and the corresponding plant & machinery, raw material, and other intermediate goods for setting up cell manufacturing facility to cater to any application.

largest Gold Company engaged in Gold Refining, Gold Bullion Manufacture and Supply, Gold Jewellery Manufacture, Export, Wholesale and Retail and owning the world’s most trusted Gold Brand “Valcambi” is foraying into Advanced Technology Solutions with a focus on Energy Storage Solutions.

REL has been selected by the Government Of India as one among the three successful participants in the Rs. 18,100 Crores PLI Scheme for production of Advanced Chemistry Cells. The other two selected Companies being Reliance Industries and Ola Electric. As per the requirement of the PLI Scheme REL has incorporated a 100% Subsidiary in the name of ACC Energy Storage Pvt Ltd. The venture of manufacture of Advanced Chemistry Cells would be under the newly formed 100% Subsidiary.

REL would also be initiating further steps to emerge as a leading global player in the Energy Storage Sector and to meet the requirements under the PLI Scheme.