Reliance Industries (RIL), Mahindra & Mahindra (M&M) and South Korea’s Hyundai Motor Co were among companies that had submitted bids under the country’s $2.4 billion Production-Linked Incentive Scheme for manufacturing batteries scheme in the country, two sources told the Reuters. 

Last year, India had finalised the PLI Scheme to encourage companies to invest in local manufacturing of batteries as it looks to establish a domestic supply chain for clean transport and to build storage for renewable energy. 

Friday was the last day to submit technical bids. 

Softbank Group-backed Ola Electric, engineering conglomerate Larsen & Toubro (L&T) and battery-makers Amara Raja and Exide had also submitted bids, the sources said. 

None of the companies named by the sources immediately responded to requests for comment. 

India wants to establish a total of 50 gw hours (gwh) of battery storage capacity over five years, which it expects will attract direct investment of about $6 billion. 

To qualify for the incentives, companies must set up at least 5 gwh of storage capacity and meet certain local content conditions, all of which would require a minimum investment of more than $850 million. 

Around 10 companies had submitted bids totalling close to 100 gwh, the sources said. 

India is also encouraging global companies such as Tesla, Samsung, LG Energy, Northvolt and Panasonic to invest in the country.