Rajesh Exports inks pact with MHI, Karnataka for 5 GWh battery gigafactory
Bengaluru-based Rajesh Exports, one of the three selected participants in the Government of India's ₹ 18,100 crore Production Linked Incentive (PLI) Scheme for Advanced Chemistry Cell (ACC) Battery Storage, has signed a tripartite agreement with the Union Ministry of Heavy Industries and the Department of Industries and Commerce, Government of Karnataka, for setting up a battery cell manufacturing facility in the state.
As per the requirement of the PLI Scheme, the company has incorporated a 100 percent subsidiary firm 'ACC Energy Storage Pvt Ltd' for the execution of the 5 GWh project for manufacturing advanced chemistry lithium-ion cells for making battery packs for EVs and energy storage.
According to its official statement, the company has said that MHI has assured of all the required support for setting up of the gigafactory.
The Department of Industries and Commerce, Government of Karnataka, on the other hand, has also assured all the required support and tailor made incentive package for setting up the project within the required time limit, it added.
Speaking on the development, Rajesh Mehta, Chairman, Rajesh Exports Ltd. said, "While leading the Global Gold business, REL is foraying into advanced technology solutions for energy storage with an aim to provide clean and green energy to the World. REL would be taking all the required steps to emerge as a leading global player in advanced technology solutions for energy storage".
A major player in gold refinery business in India, Rajesh Exports received spotlight when it was shortlisted for the coveted ACC PLI scheme to kick-start localized cell-level manufacturing in the country. The company signed the program agreements in mid last year.