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Reliance, Ola to Make Batteries in India Under $2.3 Billion Plan

A renewable energy unit of billionaire Mukesh Ambani’s Reliance Industries Ltd., Ola Electric Mobility Pvt. and Rajesh Exports Ltd. are planning to manufacture batteries in India as the world’s fourth-largest automobile market accelerates its switch to electric vehicles.

The firms will get incentives under India’s 181 billion-rupee ($2.3 billion) advanced chemistry cell program, the ministry of heavy industries said in a statement Friday. Under the battery plan, companies are expected to build a manufacturing output of about 95 gigawatt-hours, it said.