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India’s ACC battery sector to attract $9 billion investment in 5 years
Industry News- Sep 10,24
To support this growth, the IESA has advocated for policy parity between ACC-PLI (Production Linked Incentive) bid winners and non-PLI firms regarding business visas for foreign experts involved in setting up ACC manufacturing facilities in India.
India's advanced chemistry cell (ACC) battery manufacturing sector is set to attract approximately $9 billion in investments over the next five years, according to recent industry data. This surge in investment is expected to create around 50,000 direct jobs, as reported by the India Energy Storage Alliance (IESA).
To support this growth, the IESA has advocated for policy parity between ACC-PLI (Production Linked Incentive) bid winners and non-PLI firms regarding business visas for foreign experts involved in setting up ACC manufacturing facilities in India. In response, the government has introduced a provision for multiple-entry business visas (non-extendable) valid for six months. These visas will facilitate the entry of foreign specialists, engineers, and technical personnel engaged in installation, commissioning, quality checks, production, IT and DRP ramp-up, training, supply chain development, plant design, and senior management.
Debi Prasad Dash, President, IESA, welcomed this move, stating it will enable the establishment of over 100 GWh of ACC battery and component factories in India over the next five years. He noted that this development will also reduce foreign exchange depletion from ACC imports and decrease India’s dependence on countries like China.
As India aims to become a global hub for electric vehicle (EV) manufacturing, it is crucial to develop a comprehensive, indigenous value chain for EVs and their components. Currently, ACC battery production, which constitutes up to 50% of an EV’s cost, is still in its early stages in India.
(ET)
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