New Delhi: The India Cellular and Electronics Association (ICEA) has welcomed the Rs 18,100 crore Production Linked Incentive (PLI) scheme that has been approved for Advanced Chemistry Cell (ACC) battery storage in the country.
In a statement, ICEA that represents mobile and component manufacturers such as Apple, Motorola, Nokia, Foxconn, Wistron, Flextronics, Lava, Vivo and others, said that it would promote newer and niche cell technologies in the country.
"We at ICEA believes that the PLI scheme would give thrust to 'Make in India' initiative and will attract huge investments of Rs 45,000 crore plus in the coming years. With this push for ACC batteries, the sector would witness robust growth in the coming years," said Pankaj Mohindroo, Chairman, ICEA.
ACC batteries are the new generation of advanced storage technologies which stores electric energy as electrochemical and convert it back to electric energy as and when required.
The ACC covers major sectors, which are consumer electronics, mobiles, electric vehicles, advanced electricity grids, solar rooftop etc.
Mohindroo said that we need to work on securing the raw material supplies for these core technologies specially lithium and cobalt.
"Our import burden of Rs 20,000 crore will also turn into a big opportunity and would make the country a major hub in producing clean energy," he added.
The ACC battery storage manufacturers will be selected through a transparent competitive bidding process.
The manufacturing facility would have to be commissioned within two years. The incentive will be disbursed thereafter over five years.