India's ACC Battery Sector to Attract $9 Billion in 5 Years

09 Sep 2024 CW Team

India's advanced chemistry cell (ACC) battery manufacturing industry is expected to attract a cumulative investment of $9 billion (INR 7.5 lakh crore) over the next five years, according to the India Energy Storage Alliance (IESA). This growth is projected to generate 50,000 direct jobs during the same period.

In response to IESA's call for policy parity between ACC-PLI bid winners and non-PLI companies, the government has introduced a 6-month, multiple-entry business visa for foreign experts. This visa will facilitate the installation and commissioning of ACC factories by foreign specialists, enhancing the sector's capacity and development.

Debi Prasad Dash, President of IESA, praised the decision, predicting that it will enable the establishment of over 100 GWh of ACC battery and components factories across India in the next five years. This move is expected to reduce India?s dependence on imports, particularly from China, and curb foreign exchange losses linked to ACC imports.

As India aims to become a global hub for electric vehicle (EV) manufacturing, building a robust domestic supply chain for ACC batteries and components is essential. Currently, ACC battery production, which accounts for about 50% of an EV?s cost, is still in its early stages in India.

Infrastructure Urban

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