India ACC battery manufacturing to woo $9 bn investment in 5 years, create 50K jobs

New Delhi, Sep 7 (IANS) The advanced chemistry cell (ACC) battery and associated components manufacturing sector in India is likely to attract a cumulative investment of $9 billion (Rs 7.5 lakh crore) in next 5 years, according to latest industry data.

The ACC manufacturing industry has the potential to create 50,000 direct jobs during this period, according to the India Energy Storage Alliance (IESA).

The IESA has been seeking parity of policy between ACC-PLI bid winners and non-PLI companies for issuing business visas to foreign experts for the installation and commissioning of ACC factories in India.

Considering IESA recommendations and industry voice, the government has announced multiple entry business visa (non-extendable) will be facilitated for a period of 6 months to foreign subject matter specialists/ engineers/technical people being engaged by Indian companies under PLI scheme or PLI–associated industries by the approval of respective line ministry.

This will be applicable to personnel required for installation and commissioning, quality check and essential maintenance, production, IT and DRP ramp-up, training, supply chain development for empanelling vendors, plant design and bring up and, senior management and executive.

Debi Prasad Dash, President, of India Energy Storage Alliance (IESA), welcomed the step, saying it will create an opportunity for additional 100+ GWh ACC battery and battery components factories in the next five years in India.

“Additionally, it will lead to savings of forex depletion on account of ACC imports and reduce India’s reliance on China and other countries,” he said.

To become a global EV manufacturing hub, India must develop a comprehensive and indigenous value chain for EVs and their components.

Currently, the manufacturing of ACC battery (which accounts for at least 50 per cent of an EV’s cost) is at a nascent stage in India.

The Ministry of Heavy Industry had brought out the PLI ACC scheme in 2022 with a target to set up 50 GWh of indigenous ACC manufacturing in India.

Disclaimer: This story has not been edited by the Sakshi Post team and is auto-generated from syndicated feed.