: PLI capacity allotment remains pending after Hyundai Global withdrawal #FinanceIndia #StockMarketNEWS PLI capacity allotment remains pending after Hyundai Global withdrawal New Delhi, Nov 11 (KNN)

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PLI capacity allotment remains pending after Hyundai Global withdrawal #FinanceIndia #StockMarketNEWS
PLI capacity allotment remains pending after Hyundai Global withdrawal New Delhi, Nov 11 (KNN) After Hyundai Global Motors withdrew fr0m the production-linked incentive (PLI) scheme the government is yet to allocate the 20 GWh capacity of advanced chemistry cell battery storage, reported Mint.

The scheme aims to increase production of batteries to boost the electric vehicles ecosystem and reduce import dependence.

After South Korea’s Hyundai Motor Co. said it had nothing to do with the company that bid under the scheme, Hyundai Global withdrew fr0m the Rs 18,100 crore scheme.

In an interview, Union minister for heavy industries Mahendra Nath Pandey said the government will decide on allocating the excess capacity going ahead.

“They (Hyundai Global) have withdrawn voluntarily. We have not decided on that. There is not much discussion on this right now, as we are well on track to achieve our target. Further, the selected companies are setting up capacities voluntarily, apart fr0m the capacity PLI scheme,” the minister said.

He said the government had set target of setting up 50 GWh, while the selected companies voluntarily plan to set up 75 GWh, taking India’s battery storage manufacturing capacity way above target. (KNN Bureau)

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