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cnbc.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Reliance Industries seeks extension for EV battery plant setup
Reliance Industries electric vehicle battery-making unit has asked the federal government for more time to set up its manufacturing plant as part of a production-linked incentive scheme, the Mukesh Ambani-led conglomerate said on Tuesday.
The conglomerate did not specify the length of the extension sought or the reason for the delay.
In March 2022, Reliance secured incentives under the government's production-linked incentive (PLI) scheme to establish 5 gigawatts (GW) of local manufacturing capacity for advanced chemistry cells (ACCs).
The 181-billion-rupee ($2.07 billion) scheme required companies to set up manufacturing facilities within two years.
Reliance also said that the unit has received a letter from the Ministry of Heavy Industries imposing a penalty due to the delay. The penalty stood at 31 million rupees ($355,293) as of March 3.
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Subscribe to enjoy similar stories.Nvidia is no longer the only AI chip game in town. But it is the largest by far, and the likelihood that it will be that way for the foreseeable future should count for something.It hasn’t counted for much lately.
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