Schedule a Call Back
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)
Related Stories
Aerospace Defence
Devendra Fadnavis inaugurates advanced drone manufacturing facility in Nagpur
Building on the success of Nagastra-1, the facility is advancing the development of Nagastra-2 and Nagastra-3 under the ‘Make 2’ initiative.
Read moreMachine Tools & Accessories
Surface Modification Technologies aims for global expansion: Dr Umesh Mhatre
In this interview, Dr Umesh Mhatre, MD, Surface Modification Technologies Pvt Ltd, highlights his company’s contribution to the growth of manufacturing sector and plans for IMTEX 2025 exhibition.
Read moreAuto & Auto Components
Mahindra unveils EV manufacturing & battery assembly facility in Maharashtra
Mahindra has allocated Rs 45 billion out of the total Rs 160 billion planned in the F22–F27 investment cycle— which includes powertrain development, two product top hats including software & tec..
Read moreRelated Products
Forklift Battery
BATTERIES, UPS SYSTEMS & VOLTAGE STABILISERS
Aatous International is a manufacturer and solution provider of a wide range of forklift battery.
Wrist Type High Voltage Alarm
BATTERIES, UPS SYSTEMS & VOLTAGE STABILISERS
‘KUSAM-MECO’ has introduced a new wrist Type High Voltage Alarm Detector - Model KM-HVW-289 having a wide sensing range from 1kV-220 kV AC.
Servotech Power Systems files 2 patents for energy management technologies
BATTERIES, UPS SYSTEMS & VOLTAGE STABILISERS
Servotech Power Systems, a leading manufacturer of EV chargers and solar solutions, has announced that it has filed two patents for innovative energy management technologies in order to facilitate gri Read more
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
