Ola Electric, RIL Among Four Firms To Win Bids To Make Tesla Style-Gigafactories

Four companies, including Reliance Industries Ltd. and Hyundai Global Motors Co., have won bids to receive incentives under the country’s $ 2.4-billion (Rs 18,100 crore) scheme to build Tesla-style gigafactories that make battery cells, according to three people in the know.

The winning bidders to manufacture a total of 50 gigawatt hours of advanced chemistry cells also include Softbank-backed Ola Electric and jewelery maker Rajesh Exports Ltd., two people quoted above told BloombergQuint on the condition of anonymity.

Ola, according to another one of them, has bid for the maximum capacity of 20Gwh. To be sure, the company on Wednesday had said it plans to set up a 50Gwh of storage capacity in the country.

Reuters was the first to report on the development.

BloombergQuint’s emailed queries to Ola Electric and RIL remained unanswered, while Hyundai could not be reached out for comment. Shyam Ragupathy, chief executive officer of electric mobility division at Rajesh Exports, declined to comment.

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